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Old Dominion Freight Line Reports Lower August Revenue Per Day
2024-09-05 05:58
05:58 PM EDT, 09/04/2024 (MT Newswires) -- Old Dominion Freight Line (ODFL) reported late Wednesday its August revenue per day decreased 5.2% compared with a year earlier due to a 6.1% drop in less-than-truckload tons per day.
Old Dominion said the change in LTL tons per day was attributable to a 5.0% decrease in LTL shipments per day and a 1.1% decrease in LTL weight per shipment.
"Our revenue results for August reflect continued softness in the domestic economy as well as the impact of lower fuel surcharge revenue on our yields," said CEO Marty Freeman.
"While our LTL volumes declined on a year-over-year basis, our LTL shipments per day in August were relatively consistent with July and our year-to-date average through the first half of this year," Freeman added.
Shares of the company fell over 3% in after-hours activity.
Price: 189.00, Change: -6.64, Percent Change: -3.39
