Old Dominion Freight Line provides update for Q1 2021

Old Dominion Freight Line, Inc. reported certain less-than-truckload (“LTL”) operating metrics for February 2021. Revenue per day increased 9.2% as compared to February 2020 due to a 5.9% 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 4.1% increase in LTL weight per shipment and a 1.8% increase in LTL shipments per day. For the quarter-to-date period, LTL revenue per hundredweight and LTL revenue per hundredweight excluding fuel surcharges increased 2.7% and 3.8%, respectively, as compared to the same period last year.

Greg C. Gantt, President and Chief Executive Officer of Old Dominion, commented, “Old Dominion produced solid revenue growth for February, despite the significant impact from winter weather on our operations. While we are generally accustomed to the challenges associated with inclement weather, the severity and geographic coverage of the storms during the third week of the month negatively affected revenue and operations for an unusually large number of our service centers. We began to resume normal operations as the weather improved during the last week of the month. As a result, our revenue growth per day for all but the third week of the month was relatively consistent with our revenue growth rate in January 2021 of 14.6%.

“With an improving operating environment and domestic economy, we believe we can win additional market share by continuing to deliver superior service at a fair price. As we anticipate additional growth in volumes, we are focused on expanding the capacity of both our workforce and our service center network. By continuing to focus on these fundamental elements of our long-term strategic plan, we expect to produce profitable growth and long-term shareholder value.”