Old Dominion provides update for Q4 21

PRESS RELEASE 

DECEMBER 06, 2021

THOMASVILLE, N.C.–(BUSINESS WIRE)– Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today reported certain less-than-truckload (“LTL”) operating metrics for November 2021. Revenue per day increased 29.9% as compared to November 2020 due to an 11.5% increase in LTL tons per day and an increase in LTL revenue per hundredweight. The change in LTL tons per day was attributable to a 15.2% increase in LTL shipments per day that was partially offset by a 3.2% decrease in LTL weight per shipment. For the quarter-to-date period, LTL revenue per hundredweight and LTL revenue per hundredweight excluding fuel surcharges increased 16.6% and 9.4%, respectively, as compared to the same period last year.

Greg C. Gantt, President and Chief Executive Officer of Old Dominion, commented, “Our revenue growth through November reflects our continued ability to win market share and the ongoing strength in the domestic economy. We believe the sequential change in revenue per day for the fourth quarter of 2021 will once again exceed our 10-year average for this metric. We also expect that strong customer demand will continue into next year, as shippers continue to value our superior service and available network capacity at a time when the industry’s capacity is generally limited. While we have capacity to support additional volume growth, we remain committed to further investment in our business to support our expectations for increased market share in 2022 and beyond. We are confident that the continued execution of our long-term strategic plan can produce long-term gains in market share and shareholder value…”

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