Old Dominion Freight Line Reports 5.2% Decrease In August 2024 Revenue Per Day Due To 6.1% Decline In LTL Tons Per Day; LTL Revenue Per Hundredweight Increased 3.0%, Excluding Fuel Surcharges Up 4.9%; CEO Marty Freeman Attributes Results To Soft Domestic Economy And Lower Fuel Surcharges
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Old Dominion Freight Line reported a 5.2% decrease in August 2024 revenue per day, driven by a 6.1% decline in LTL tons per day. However, LTL revenue per hundredweight increased by 3.0%, excluding fuel surcharges, which rose by 4.9%. CEO Marty Freeman attributes these results to a soft domestic economy and lower fuel surcharges.
September 04, 2024 | 8:41 pm
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Old Dominion Freight Line experienced a 5.2% decrease in revenue per day in August 2024, mainly due to a 6.1% drop in LTL tons per day. Despite this, LTL revenue per hundredweight increased by 3.0%, excluding fuel surcharges. The CEO attributes these results to a soft domestic economy and lower fuel surcharges.
The decrease in revenue per day and LTL tons per day suggests a negative impact on ODFL's short-term financial performance. The increase in LTL revenue per hundredweight, excluding fuel surcharges, partially offsets this decline. The CEO's comments on the soft domestic economy and lower fuel surcharges further indicate potential challenges for the company.
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