Old Dominion’s Second-Quarter Profit Declines
Old Dominion Freight Line said Wednesday its second-quarter profit fell to $10.7 million, or 29 cents per share, from $23.9 million, or 64 cents, a year ago.
Revenue fell to $316.2 million, from $417.8 million a year ago, the less-than-truckload carrier said in a statement.
“The decline in our second quarter revenue was attributable to a decline in our tonnage, consistent with the overall LTL industry, and a reduction in our fuel surcharges that resulted from the decrease in the price of diesel fuel,” Executive Chairman Earl Congdon said in a statement.
Tonnage decreased 14.6% in the quarter from a year ago, some of which may have resulted from pricing decisions, but despite this decrease, ODFL has maintained its relative market share this year, he said in a statement.
Old Dominion Freight Line is ranked No. 20 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
