Old Dominion Freight Line posts revenue growth in November despite a drop in volume
gorodenkoff

Old Dominion Freight Line (NASDAQ:ODFL) reported revenue per day increased 7.3% year-over-year in November due to an increase in less-than-truckload revenue per hundredweight that was slightly offset by an 8.6% decrease in LTL tons per day.
The company said the change in LTL tons per day was attributable to a 7.3% decrease in LTL shipments per day and a 1.4% 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 17.3% and 8.6%, respectively, as compared to the same period last year.
Old Dominion CEO Greg Gantt said the revenue growth for the first two months of the fourth quarter reflects the ongoing improvement in the company's yield, which more than offset the decrease in volumes.
"We believe the year-over-year decrease in volumes is primarily due to continued softness in the domestic economy, as customer demand for our superior service has remained consistently strong... We remain focused on this fundamental element of our long-term strategic plan, and we believe the disciplined execution of our plan will continue to support our ability to win market share and increase shareholder value."
ODFL traded flat in the premarket session at $303.00 vs. the 52-week trading range of $231.31 to $373.58.