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Old Dominion Posts Double-Digit Revenue Growth as Industrial Demand Accelerates

Old Dominion Freight Line reported a 12.3% year-over-year increase in revenue per day during May as industrial activity strengthens. The less-than-truckload sector is experiencing demand growth. The Thomasville, North Carolina carrier's yield climbed approximately 16% for the month, with first-half second-quarter yield gains reaching 15.6% including fuel surcharges. Tonnage declines narrowed to 12% on a two-year comparison, improving from April's 15% drop, suggesting volume weakness has peaked. Manufacturing data supports the trend, with the Purchasing Managers' Index hitting 54 in May—the highest reading in four years—indicating five consecutive months of industrial expansion. Old Dominion guided for 300 to 350 basis points of sequential operating margin improvement in the second quarter, implying a 73% operating ratio at midpoint.