Old Dominion Freight Line (NASDAQ:ODFL) has revealed its decision to implement a general rate increase of 4.9% across the ODFL 559, 670, and 550 tariffs, scheduled to take effect on December 4. This move comes as the company aligns its strategies with economic forecasts and anticipated market conditions.
According to Todd Polen, Vice President of Old Dominion Freight Line, “In our endeavor to consistently upgrade our premium service framework and infrastructure, OD has initiated a general rate increase to meet our performance expectations.”
Emphasizing its commitment to delivering exceptional on-time, claims-free services at equitable pricing, Old Dominion Freight Line affirmed that the rate adjustments are geared towards mitigating escalating expenses associated with real estate expansion projects, technological investments, new equipment acquisitions, and competitive employee compensation packages.
“The impact of the rate adjustment will differ based on specific shipment routes and distances traveled, aligning with our meticulous long-term yield management approach. Additionally, the increase encompasses modest revisions in minimum charges for intrastate, interstate, and cross-border routes,” added the company’s representative.
Impact of Rate Increase on Old Dominion Freight Line
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