Old Dominion’s Second-Quarter Profit Declines

Old Dominion Freight Line said Thursday its third-quarter profit fell 55.1% to $10.5 million, or 28 cents per share, from $23.4 million, or 63 cents, a year ago.

Revenue fell 22.3% to $322.8 million, from $415.9 million a year ago, the less-than-truckload carrier said in a statement.

“We believe yields in the industry will not improve until capacity more closely meets demand, which could occur through either a significant improvement in the U.S. economy or through additional industry consolidation,” Executive Chairman Earl Congdon said in a statement.

Tonnage decreased 14% in the quarter from a year ago, and fuel surcharges also decreased as the price of diesel dropped, Old Dominion said.

Old Dominion Freight Line is ranked No. 20 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.