Old Dominion’s August: Some good, some OK
Old Dominion Freight Line’s August update showed an acceleration in yield growth, with volumes closing in on positive territory. The post Old Dominion’s August: Some good, some OK appeared first on FreightWaves .
Old Dominion Freight Line, a less-than-truckload carrier based in Thomasville, North Carolina, reported mixed results for August. On the positive side, the company's daily revenue grew by 12.4% year-over-year, an improvement from the 8.2% y/y growth in July. Additionally, Old Dominion's yield growth accelerated compared to July, both with and without fuel surcharges.
With fuel surcharges, yield growth was 13% higher year-over-year, while excluding fuel, it was 5.5% higher. However, tonnage decreased slightly by 0.9% year-over-year, in line with July's 1% y/y decline. The carrier faced a 54.6 Manufacturing PMI in August, slightly lower than expected, which indicated a mixed evaluation of the industrial economy.
Despite these challenges, Old Dominion's Q3 guidance remains supportive, with revenue expected to increase by 10% year-over-year, reaching $1.55 billion. The company's president and CEO, Marty Freeman, expressed confidence in the company's ability to win profitable market share and increase shareholder value over the long term.
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