Old Dominion Freight Line provides update for second-quarter 2020

Old Dominion Freight Line, Inc. today reported certain less-than-truckload (“LTL”) operating metrics for May 2020. Revenue per day decreased 16.2% as compared to May 2019 due to a 12.1% decrease in LTL tons per day and a decrease in LTL revenue per hundredweight. The change in LTL tons per day was attributable to a 16.7% decrease in LTL shipments per day that was partially offset by a 5.4% increase in LTL weight per shipment. For the quarter-to-date period, LTL revenue per hundredweight and LTL revenue per hundredweight excluding fuel surcharges decreased 4.7% and 1.4%, respectively, as compared to the same period last year.

Greg C. Gantt, President and Chief Executive Officer of Old Dominion, commented, “Old Dominion’s revenue results for May reflect the significant decline in the domestic economy as well as a decrease in fuel surcharge revenue. While economic uncertainty continues, we are encouraged by the gradual improvement in our daily revenue trend throughout the month of May. In addition, the combination of operating efficiencies and reduction in discretionary spending has allowed us to balance our variable operating costs with the change in business levels.
“The current environment has produced many operating challenges, but the remarkable focus and resolve of our team has allowed us to maintain our long-term value proposition by continuing to deliver superior service at a fair price. Our primary focus as a company, however, remains the safety and well-being of our OD Family of employees. We want to thank each of them for their hard work and dedication as they continue to support the needs of our customers while Helping The World Keep Promises.”