Old Dominion Freight Line Reports Mixed Fourth-Quarter Interim Results in SEC Filing
Old Dominion Freight Line Inc. reported less-than-truckload shipments dropped in November 2016 compared with the year prior, but revenue was up overall, according to a Dec. 2 filing with the U.S. Securities and Exchange Commission.
The Thomasville, North Carolina, company wrote that LTL shipments per day dropped 2.9%, but the weight per shipment rose 2.5% and revenue per 100 pounds of freight, excluding fuel surcharges, grew 2% last month compared with one year ago.
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The improvement in yield offset the decline in LTL tonnage, which contributed to the 1.8% increase in total revenue per day from Oct. 1 through Nov. 30.
“We are encouraged by the quarter-to-date increases in our total revenue per day and LTL weight per shipment. The increase in LTL weight per shipment, however, contributed to lower growth in LTL revenue per hundredweight than the actual price increases we are achieving on contract renewals. Our pricing philosophy has not changed, and we continue to believe that the LTL pricing environment has remained relatively stable,” Old Dominion CEO David Congdon said.
Saia Inc. reported LTL shipments per day increased 1.3% and tonnage per day increased 1.5% year-over-year, although it didn’t report revenue figures in its Dec. 1 SEC filing.
Old Dominion ranks No. 11 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers. Saia is No. 25.
