ODFL issues solid Q3 update

Thomasville, N.C.-based national less-than-truckload (LTL) carrier Old Dominion Freight Line (ODFL) provided guidance for key operating metrics for the third quarter this week.

ODFL reported that revenue per day increased 14.5% annually, driven by an LTL revenue per hundredweight increase, which it said was slightly offset by a 0.9% decrease in LTL tons per day. And it added that the change in LTL tons per day was due to a 2.7% decrease in LTL shipments per day, which was partially offset by a 1.8% increase in LTL weight per shipment.

On a quarter-to-date basis, ODFL said revenue per hundredweight and LTL revenue per hundredweight, excluding fuel surcharges, saw respective gains, at 18.1% and 7.3%, on an annual basis.

“Old Dominion produced solid revenue growth for the first two months of the third quarter,” said ODFL CEO Greg Gantt in a statement. “While our volumes decreased on a year-over-year basis, we continued to improve our yield through the consistent execution of our yield management initiatives. Providing shippers with superior service is required to support these initiatives, and our service levels remain best-in-class. We remain focused on delivering superior service at a fair price and believe customer demand for our value proposition remains strong, which positions us to win further market share.”

ODFL second quarter 2022 revenue was up 24.6% annually, to around $1.67 billion, a new company record. CEO Gannt said, at the time, that this gain reflected how demand for ODFL’s service remained strong throughout the quarter, which helped support a steady trend with its volumes and consistent yield improvement.