Old Dominion expects Q1 tonnage, revenue to surpass predictions

   Old Dominion Freight Line on Monday reported a year-over-year increase in its less-than-truckload tons per day for February of 11.7 percent, which followed comparable-period growth of 10.1 percent for January 2014.
   Based on these results and its outlook for March, Old Dominion on Tuesday raised its expectations for growth in first-quarter 2014 LTL tons per day to a range of 11 percent to 11.5 percent from the previously reported range of 10 percent to 11 percent, Old Dominion said in a statement.
   The carrier also affirmed its expectations for comparable-period growth in LTL revenue to be in the 2 percent-to-2.5-percent range for the first quarter.
   “Old Dominion has continued to produce double-digit growth in LTL tons per day in a period of weak economic growth and significant adverse weather conditions, primarily through ongoing gains in market share,” said David Congdon, president and chief executive officer. “We believe the combination of substantial growth in tons with sustained yield improvement demonstrates the demand for our value proposition of superior service at a fair and equitable price.”
   In other news, Old Dominion opened a renovated service center in Newburgh in New York’s Hudson Valley to accommodate increased demand in the region.
   “We selected Newburgh for expansion because the area continues to demonstrate great economic potential,” said Mike Provenzano, manager of the new center.
   The facility’s service area includes southeastern New York (Goshen, Newburgh, Middletown, New Windsor, Beacon, Poughkeepsie and Kingston) and eastern Pennsylvania (Milford and Matamoras).