Old Dominion Freight Line, Inc. (ODFL) reported a 12.4% year-over-year increase in revenue per day for its less-than-truckload (LTL) segment for August. Despite this growth, LTL tons per day decreased by 0.9%, attributed to a 2.4% drop in LTL shipments accompanied by a 1.7% increase in LTL weight per shipment. Additionally, LTL revenue per hundredweight increased 11.3% year-to-date through the quarter, and revenue excluding fuel surcharges rose by 4.8%.
CEO Marty Freeman noted consistent underlying demand trends throughout the quarter, supporting the growth in LTL revenue per hundredweight. Old Dominion, which currently carries a Zacks Rank #2 (Buy), has seen its shares grow by 19.6% this year, slightly below the 25.7% rise in the broader transportation-truck industry.
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