Old Dominion Freight Line revenue per day falls 15.7% for May
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Old Dominion Freight Line (NASDAQ:ODFL) on Monday said its revenue per day fell 15.7% Y/Y for May.
Less-than-truckload (LTL) tons per day for May fell 14.4% due to a 11.4% decrease in LTL shipments per day on a 3.4% fall in LTL weight per shipment.
"Old Dominionâs (ODFL) revenue results for May reflect continued softness in the domestic economy as well as a decrease in fuel surcharge revenue," the company's CEO Greg Gantt said in a statement.
"While our volumes decreased on a year-over-year basis, our LTL shipments per day remained relatively consistent with the first quarter of 2023 and our yield continued to improve," Gantt added.
ODFL said that for the quarter-to-date, LTL revenue per hundredweight, excluding fuel surcharges, increased 7.9% Y/Y.
ODFL stock -0.9% to $310.66 after hours.