Old Dominion Freight Line issues February operating metrics

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

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.

Through the first two months of the first quarter, ODFL said that revenue per hundredweight and LTL revenue per hundredweight, excluding fuel surcharges, saw respective gains of 3.7% and 7.1% annually.

“Our revenue results turned slightly positive in February but continue to reflect softness in the domestic economy,” said Marty Freeman, President and Chief Executive Officer of Old Dominion, in a statement. “Our LTL shipments per day also increased slightly as compared to February 2023 while our yield metrics continued to improve. The increase in our LTL revenue per hundredweight was supported by a favorable pricing environment and our ongoing ability to deliver superior service at a fair price. We believe our value proposition is unmatched in the marketplace, which provides us with a tremendous opportunity to win market share and produce strong profitable growth once the macroeconomic environment begins to improve.”

For the fourth quarter 2023, ODFL revenue, at $1.495 billion, was up 0.3% annually, and for calendar year 2023, revenue fell 6.3%, to $5.866 billion.