trucking

Old Dominion Sees LTL Demand Inflection Despite First-Quarter Revenue Dip

Old Dominion Freight Line reported lower first-quarter revenue and earnings as less-than-truckload shipment volumes remained under pressure. Management signaled an improving demand environment. President and CEO Marty Freeman said demand trends improved as the quarter progressed, with LTL volumes accelerating and yield climbing 4 percent excluding fuel surcharges. First-quarter LTL tons per day dropped 7 percent, while weight per shipment was essentially flat at up 0.7 percent. January shipments declined 3 percent, but April data showed more promise with weight per shipment up roughly 1 percent year-over-year, though tons remained down 6.5 percent. CFO Adam Satterfield called the weight improvement a leading indicator of recovery and projected sequential volume gains, citing retail and industrial sectors as growth drivers. Management remains optimistic but cautious regarding geopolitical headwinds.