Old Dominion Freight Line May Revenue Per Day Decrease 15.7%
Portfolio Pulse from Benzinga Newsdesk
Old Dominion Freight Line (ODFL) reported a 15.7% decrease in revenue per day in May, primarily due to a 14.4% decrease in LTL tons per day. The results reflect continued softness in the domestic economy and a decrease in fuel surcharge revenue.
June 05, 2023 | 9:16 pm
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Old Dominion Freight Line's May revenue per day decreased by 15.7% due to a 14.4% decrease in LTL tons per day and soft domestic economy.
The 15.7% decrease in revenue per day for Old Dominion Freight Line is a significant drop, which is primarily due to a 14.4% decrease in LTL tons per day. This indicates a weak domestic economy and lower fuel surcharge revenue, which could negatively impact the company's stock price in the short term.
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