Old Dominion Reports Strong August Numbers
Old Dominion Freight Line Inc. reported certain less-than-truckload operating metrics for August, including higher revenue, increases in tons per day and a slight decrease in LTL weight per shipment.
LTL tons per day increased 9.7% compared with August 2017, primarily due to a 10% increase in LTL shipments per day that was slightly offset by a 0.3% decrease in LTL weight per shipment. For the quarter-to-date period, LTL revenue per hundredweight increased 12% compared with the same period last year, according to the Thomasville, N.C.-based company.
Old Dominion ranks No. 11 on the Transport Topics Top 100 list of for-hire carriers in North America.
Also, the company’s revenue increased more than 20% for each of the first two months of the third quarter “due to sustained strength in the domestic economy and our continued ability to win market share by delivering superior service at a fair price,” Old Dominion CEO Greg Gantt said in a statement.
“Although the rate of our LTL volume growth thus far in the third quarter has been slightly below what we experienced during the first half of the year, we believe this change is primarily attributable to our decision to reduce the number of heavy-weighted shipments in our network. This strategic reduction also had a positive impact on LTL revenue per hundredweight,” Gantt said.
At the same time, he said customer demand for its service offerings remains strong, and the carrier believes its service center network capacity will remain sufficient to support the anticipated business growth for the foreseeable future.
“We intend to continue to reinvest in our business to ensure that we have the necessary equipment, facilities and people to support our long-term strategic initiatives, which we believe will continue to increase shareholder value,” he added.
