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Old Dominion Sees Yield Acceleration in August Despite Flat Tonnage

Less-than-truckload carrier Old Dominion Freight Line reported accelerating yield growth in August, though tonnage headwinds persisted. Daily revenue climbed 12.4% year-over-year, up from 8% growth in July. Yield per hundredweight increased roughly 13% with fuel surcharges included and approximately 5% excluding them. Tonnage declined 0.9% year-over-year, matching July's 1% decline. Diesel fuel prices surged 46% year-over-year in August compared with 31% growth the prior month, benefiting the carrier's fuel surcharge programs. Higher shipment weights modestly pressured yield metrics in both months. The Thomasville, North Carolina-based carrier's management attributed solid revenue growth to consistent underlying demand and industry-leading service quality. Manufacturing activity indicators showed expansion for an eighth consecutive month in August. Old Dominion's results align with third-quarter guidance expectations.