Old Dominion Freight Line, Inc. (Nasdaq: ODFL) has released key operating metrics for its less-than-truckload (LTL) business for November 2024. Revenue per day declined by 8.2% compared to November 2023, driven by an 8.0% decrease in LTL tons per day and a slight drop in LTL revenue per hundredweight. The reduction in LTL tons per day was due to a 6.8% decline in LTL shipments per day and a 1.2% decrease in weight per shipment.
For the quarter-to-date period, LTL revenue per hundredweight decreased by 1.2% year-over-year. However, excluding fuel surcharges, LTL revenue per hundredweight rose by 3.7%, reflecting a strategic focus on yield improvement.
Marty Freeman, President and CEO of Old Dominion, commented on the results:
“Our November revenue performance reflects ongoing softness in the domestic economy and the impact of lower fuel surcharge revenue on yields. While LTL volumes were down year-over-year, the increase in revenue per hundredweight, excluding fuel surcharges, underscores our focus on disciplined yield management. By consistently achieving cost-based yield improvements and providing superior service at a fair price, we remain confident in our ability to grow market share and enhance shareholder value over the long term.”
Old Dominion Freight Line is a leading North American LTL carrier, offering regional, inter-regional, and national LTL services through a unified, non-union network of service centers across the continental United States. The company also partners with other carriers to deliver LTL services throughout North America. Beyond its core LTL offerings, Old Dominion provides value-added services such as container drayage, truckload brokerage, and supply chain consulting.
By staying focused on its long-term strategic goals, Old Dominion aims to navigate current economic challenges and maintain its leadership in the industry.