ODFL

ODFL reported that revenue per day rose 1.2% annually, driven by an increased in LTL revenue per hundredweight, which was slightly offset by a 3.0% decrease in LTL tons per day. The company added that the change in daily LTL tons was attributed to a 3.2% decrease in LTL weight per shipment that was partially offset by a 0.2% increase in LTL shipments per day.

ODFL reported that revenue per day fell 0.9% compared to November 2022, which it said was mainly driven by a 2.3% decrease in LTL tons per day that was partially offset by an increase in LTL revenue per hundredweight. And it added that the change in LTL tons per day was attributed to a 2.9% decrease in LTL weight per shipment that was partially offset by a 0.6% increase in daily LTL shipments.

About a dozen trucking companies bought properties at a court-supervised auction that resold about three-fourths of Yellow’s properties for a total of just under $1.9 billion.

ODFL reported that revenue per day was down 1.4% annually in August, driven by a 6.0% decrease in LTL tons per day, which was partially offset by an increase in LTL revenue per hundredweight. And it added that the decrease in daily LTL tonnage was related to a 1.2% decrease in LTL shipments per day and also a 4.8% decrease in LTL weight per shipment.

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.

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.

Following its recent announcement signaling a major executive leadership change, in which effective July 1, 2023, Kevin M. (“Marty") Freeman will succeed Greg C. Gantt as ODFL President and Chief Executive Officer, as per its Board of Directors, Thomasville, N.C.-based national less-than-truckload carrier Old Dominion Freight Line (ODFL) announced additional executive leadership changes this week.

The company announced this week that, effective July 1, 2023, Kevin M. (“Marty") Freeman will succeed Greg C. Gantt as ODFL President and Chief Executive Officer, as per its Board of Directors. It added that Gantt will retire from ODFL on June 30, 2023, with the expectation he will remain a company board member.

ODFL reported that revenue per day increased 7.3% annually, driven by an LTL revenue per hundredweight increase, which it said was offset by an 8.6% decrease in LTL tons per day.

ODFL reported that revenue per day increased 14.5% annually, driven by an LTL revenue per hundredweight increase, which it said was slightly offset by a 0.9% decrease in LTL tons per day. And it added that the change in LTL tons per day was due to a 2.7% decrease in LTL shipments per day, which was partially offset by a 1.8% increase in LTL weight per shipment.

ODFL said that these new facilities are strategically placed to reinforce its commitment to operational excellence and to build network quality. And it added that ODFL has a continuing focus on expansion, as well as to improve current service centers by opening more doors, upgrading technology, and hiring more staff, as part of a collective effort focused on service, at a time when demand remains on a growth trajectory.

Quarterly revenue, at $1.41 billion was up 31.4% annually, with LTL services revenue, at $1.39 billion, also posting a 31.4% annual gain. Operating income saw a 46.5% annual increase, to $372.5 million, and net income was up 46.9%, to $278.8 million. Diluted earnings per share, at $2.41, posted a 49.7% increase.

Top trucking executives say their relentless rise in costs for everything from new and used trucks to fuel and driver pay will cause them to continue to ask shippers to pay more for freight services in 2022. How much more? That depends on individual shipper demands, their freight characteristics, and how their tonnage fits into a carrier’s overall freight demand scheme.

ODFL reported that revenue per day increased 29.9% annually, driven by an 11.5% gain in daily LTL tonnage, as well as LTL revenue per hundredweight heading up. The company said that the change in LTL tons per day was due to a 15.2% increase in LTL shipments per day that was partially offset by a 3.2% decrease in LTL weight per shipment.

Logistics Management Group News Editor Jeff Berman recently spoke with Dave Bates, senior vice president of operations, for Thomasville, North Carolina-based less-than-truckload services provider Old Dominion Freight Line (ODFL).