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Old Dominion Posts Accelerating Yield Growth Despite Persistent Tonnage Headwinds

Old Dominion Freight Line reported strengthening pricing power in August as daily revenue climbed 12.4% year-over-year, up from 8% growth in July. The Thomasville, North Carolina-based less-than-truckload carrier's yield per hundredweight, including fuel surcharges, grew approximately 13% year-over-year, while yield excluding fuel surcharges rose roughly 5%. Tonnage declined 0.9% in August, matching July's contraction rate and reflecting ongoing softer freight demand. Diesel fuel costs surged 46% year-over-year in August versus 31% in July, enabling carriers to capture margin improvements through fuel surcharge mechanisms. President and CEO Marty Freeman noted that underlying demand remained consistent throughout the quarter. Service quality continued driving rate improvements. The results position the carrier toward the higher end of third-quarter guidance.