Old Dominion posts improved operational metrics

The less-than-truckload (LTL) carrier announced an increase in LTL tons per day for November 2017 thanks to weight and shipment increases.    Old Dominion Freight Line, Inc. (ODFL) reported operating metric improvements into the fourth quarter of 2017, with an increase in less-than-truckload (LTL) tons per day of 13.6 percent in November compared to the same month a year, the company said in a statement.
   This increase in LTL operating metrics for November 2017 is due to a 10.9 percent increase in LTL shipments per day and a 2.5 percent increase in LTL weight per shipment, ODFL said. So far in the fourth quarter, LTL revenue per hundredweight increased 4.9 percent compared to the same period last year.
   “Our revenue growth thus far into the fourth quarter includes increases in volume and yield, and reflects the ongoing improvement in the domestic economy,” said David S. Congdon, vice chairman and chief executive officer of Old Dominion. “Additionally, we believe these results represent increases in our market share as customers continue to appreciate the superior service and available network capacity that we provide. We remain committed to investing in our business as part of our long-term strategy to ensure that we have the capacity necessary to support increasing customer demand, and we are confident that this proven business model will produce further long-term gains in shareholder value.”
   Old Dominion’s third quarter results were strong, with a 19.3 percent increase in net income and a 120  basis-point improvement in operating ratio, according to Congdon.