Transport Company Old Dominion Freight Line Posts Weak November Metrics On Weak Economy: Here's Details

Old Dominion Freight Line Inc ODFL disclosed metrics for November and quarter-to-date.

For November 2023, the company reported a revenue per day decline of 0.9% Y/Y, mainly due to a 2.3% drop in LTL tons per day, partially offset by higher LTL revenue per hundredweight. 

LTL tons per day was impacted by a decline of 2.9% in LTL weight per shipment in the month.

For the quarter-to-date, LTL revenue per hundredweight and LTL revenue per hundredweight, excluding fuel surcharges, were up 3.1% and 7.6%, respectively.

Marty Freeman, President and Chief Executive Officer said, "The decrease in our November revenue reflects continued softness in the domestic economy. We were pleased, however, to see both the continued improvement in our yield metrics and a slight increase in our LTL shipments per day."

In October, the company reported a Q3 FY23 revenue decline of 5.5% Y/Y to $1.515 billion, marginally missing the consensus of $1.52 billion. EPS of $3.09 beat the consensus of $2.92.

Price Action: ODFL shares closed lower by 2.16% at $394.79 on Tuesday.

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