Old Dominion Freight Line (ODFL) Provides Update for Second Quarter 2024

Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today reported certain less-than-truckload (“LTL”) operating metrics for May 2024. Revenue per day increased 5.6% as compared to May 2023 due to a 1.5% increase in LTL tons per day and an increase in LTL revenue per hundredweight. The change in LTL tons per day was attributable to a 2.3% increase in LTL shipments per day that was partially offset by a 0.7% decrease in LTL weight per shipment. For the quarter-to-date period, LTL revenue per hundredweight and LTL revenue per hundredweight, excluding fuel surcharges, increased 4.2% and 4.7%, respectively, as compared to the same period last year.

Marty Freeman, President and Chief Executive Officer of Old Dominion, commented, “Our revenue results for May include increases in both our volumes and yield. We are pleased with the ongoing improvement in our LTL revenue per hundredweight, which reflects our consistent, cost-based approach to pricing as well as stability in the overall pricing environment. Our results continue to be supported by the consistent execution of our long-term strategic plan, which drives our ability to deliver superior service at a fair price to our customers. We believe our service metrics and value proposition remain best in class, which puts us in a strong position to win market share and increase shareholder value over the long term.”

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