Old Dominion reports November Revenue per day decreased 8.2% vs. last year

Old Dominion (ODFL) Freight Line reported certain less-than-truckload operating metrics for November 2024. Revenue per day decreased 8.2% as compared to November 2023 due to an 8.0% decrease in LTL tons per day and a slight decrease in LTL revenue per hundredweight. The decrease in LTL tons per day was attributable to a 6.8% decrease in LTL shipments per day and a 1.2% decrease in LTL weight per shipment. For the quarter-to-date period, LTL revenue per hundredweight decreased 1.2% as compared to the same period last year and LTL revenue per hundredweight, excluding fuel surcharges, increased 3.7% as compared to the same period last year. Marty Freeman, President and CEO, commented, “Our revenue results for November reflect the continued softness in the domestic economy as well as the impact of lower fuel surcharge revenue on our yields. While our LTL volumes declined on a year-over-year basis in November, the improvement in our revenue per hundredweight, excluding fuel surcharges, demonstrates our continued commitment to yield management. We have achieved consistent, cost-based increases in our yield metrics, excluding fuel surcharges, by remaining committed to providing our customers with superior service at a fair price. As we continue to deliver on these core elements of our long-term strategic plan, we remain confident in our ability to win market share and increase shareholder value over the long term.”