Old Dominion Freight Line issues operating metrics for August

Thomasville, N.C.-based national less-than-truckload (LTL) Old Dominion Freight Line (ODFL) provided guidance for key operating metrics for the month of August.

ODFL reported that revenue per day increased 1.3% from August 2019 to August 2020, which it attributed to a 2.4% increase in daily LTL tonnage and was partially offset by a decrease in LTL revenue per hundredweight.

And the company added that the change in daily LTL shipments was due to a 5.9% gain in LTL weight per shipment, which was partially offset by a 3.3% decrease in daily LTL shipments. What’s more, on a quarter-to-date period, ODFL revenue per hundredweight and LTL revenue per hundredweight, excluding fuel surcharges, fell 0.9% and increased 2.3%, respectively, on an annual basis.

“We are encouraged by recent trends that contributed to the year-over-year increase in our LTL revenue per day for August,” said Greg C. Gantt, President and Chief Executive Officer of Old Dominion, in a statement. “This positive inflection in our revenue is a result of improving demand trends from our customers in the industrial and retail sectors, which are increasingly prioritizing high-quality service from their carriers. With an unmatched value proposition that is based on our ability to deliver superior service at a fair price, as well as our available network capacity to support further growth, we believe Old Dominion is the best-positioned carrier to capitalize on the improving market trends.”

Gantt also observed that while there are continuing risks to the domestic economy, ODFL believes these recent trends will create additional opportunities for it to win market share while also supporting its long-term yield initiatives.

In early August, ODFL announced that it expanded its network by adding nine service centers in new and existing markets during the first half of 2020.

Company officials said that this steady growth solidifies the company’s strong presence across the United States, bringing total nationwide service center count to 238. The less-than-truckload (LTL) carrier’s new facilities include, Butte, Mont., Cedar Rapids, Iowa, Conroe, Texas, Jonesboro, Ark., Lafayette, Ind., LaGrange, Ga., Rochester, N.Y, Rock Island, Ill. and University Park, Ill.