trucking

Old Dominion Reports Revenue Decline Amid Signs of LTL Market Stabilization

Old Dominion Freight Line, the nation's ninth-largest carrier, posted lower revenue and earnings in the first quarter as less-than-truckload shipment volumes contracted. The carrier reported lower earnings compared to the prior-year quarter as softer LTL demand pressured volumes. LTL tons per day declined 7, though weight per shipment rose 0.7 percent. Excluding fuel surcharges, yield improved 4. President and CEO Marty Freeman noted demand strengthened as the quarter progressed, with improving volumes and yields driven by superior service delivery. January shipments fell 3. But April data showed weight per shipment up roughly 1 percent year-over-year, signaling potential demand recovery. Chief Financial Officer Adam Satterfield called this "a leading indicator of an improving demand environment." Management expects sequential volume improvements from retail and industrial sectors. However, Satterfield expressed caution regarding geopolitical risk.