Less-than-Truckload

ODFL reported that revenue per day fell 15.7% in May compared to May 2022, which it said was mainly driven by a 14.4% decrease in LTL tons per day. And it said that the decrease in LTL tons per day was due to an 11.4% decrease in LTL shipments per day and a 3.4% decrease in LTL weight per shipment.

The Teamsters union has come out guns blazing in the first of four separate negotiations with freight companies in the United States and Canada over the next year. In what is likely merely a negotiating ploy, the Teamsters negotiating committee said a strike authorization had been approved by members covered under ABF Freight’s National Master Freight Agreement (NMFA).

Freight demand did not pick up toward the second half of the first quarter, as it usually does in the LTL sector.

Less-than-truckload trucking executives’ expectations of freight demand have run the gamut in the last five years. From the boom year of 2018 to the Covid-inspired depths of 2020-21 to the recovery of 2022, they have seen it all.

Quarterly revenue—at $1.91 billion—was up 1% annually, and adjusted earnings per share—at $0.56—rose $0.22 annually, topping Wall Street estimates, at $0.46. Operating income came in at $58 million, down from $63 million a year ago, which XPO said reflected higher transaction costs related to its previous spin-off of RXO. Adjusted EBITA—at $210 million—was up 12%.

Yellow, which controls about 10% of the $58 billion less-than-truckload (LTL) market, suffered a first quarter loss of $54.6 million on revenue of $1.159 billion. That was nearly twice the loss of $27.5 million on $1.26 billion revenue in the year-ago period.

FedEx Freight, the less-than-truckload (LTL) subsidiary of Memphis-based global freight transportation and logistics services provider FedEx said on Monday it will close 29 freight locations and consolidate its operations into other locations, effective August 13, 2023.

The Teamsters union and Yellow Corp., the union’s largest employer in the less-than-truckload (LTL) sector, will resolve their change of operations differences as part of their national freight contract negotiations of a labor agreement expiring next March 31.

The new edition of the TD Cowen/AFS Freight Index, which was released today by investment firm TD Cowen and Shreveport, La.-based 3PL and freight audit and payment company AFS Logistics LLC, was in line with highlighted rate disparities across various freight transportation modes.

Company officials said that the Forward Intermodal unit will operate a secure container drop yard in the area, at an existing company LTL terminal which they said is expected to create transloading efficiencies and improve speed for its customers.

After the International Brotherhood of Teamsters (IBT) announced that it was cancelling a scheduled April 7 hearing over restructuring operations that Yellow says is “vital to the future of our company,” the company has fired back with a letter to Teamsters National Freight Director John Murphy accusing the union of “falsehoods and baseless insults.”

Logistics Management Group News Editor Jeff Berman recently spoke with Adam Satterfield, CFO of Thomasville, North Carolina-based national less-than-truckload (LTL) carriers Old Dominion Freight Line about various industry trends and themes, including: the current state of the LTL market, the freight economy, rates and pricing, and supply chain shifts, among others.

PITT OHIO has been named among America's Best Employers by Forbes Magazine for the third year in a row, ranking number 395 out of the 500 companies listed.

PITT OHIO, announced that its driver, Ricky Kahl, has been selected by the Maryland Police as the states’ Driver of the Year.

PITT OHIO, a leader in transportation, warehouse and logistics services, announced the receipt of the Maryland Fleet Safety Award in the Over 1,000,000 miles category.