U.S. markets closed
  • S&P 500

    4,544.90
    -4.88 (-0.11%)
     
  • Dow 30

    35,677.02
    +73.94 (+0.21%)
     
  • Nasdaq

    15,090.20
    -125.50 (-0.82%)
     
  • Russell 2000

    2,291.27
    -4.92 (-0.21%)
     
  • Crude Oil

    83.98
    +1.48 (+1.79%)
     
  • Gold

    1,793.10
    +11.20 (+0.63%)
     
  • Silver

    24.39
    +0.22 (+0.91%)
     
  • EUR/USD

    1.1646
    +0.0015 (+0.13%)
     
  • 10-Yr Bond

    1.6550
    -0.0210 (-1.25%)
     
  • GBP/USD

    1.3760
    -0.0036 (-0.26%)
     
  • USD/JPY

    113.4800
    -0.5080 (-0.45%)
     
  • BTC-USD

    60,516.75
    -790.71 (-1.29%)
     
  • CMC Crypto 200

    1,453.34
    -49.69 (-3.31%)
     
  • FTSE 100

    7,204.55
    +14.25 (+0.20%)
     
  • Nikkei 225

    28,804.85
    +96.27 (+0.34%)
     

Old Dominion (ODFL) August LTL Shipments Per Day Rise 17% Y/Y

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Old Dominion Freight Line ODFL provided an update on the performance of its less-than-truckload (“LTL”) segment, which is its primary revenue generator, in August.

With 10.9% increase in LTL tons per day and a rise in LTL revenue per hundredweight, revenue per day rose 29.1% in August from the year-ago level. LTL tons per day improved due to 17.3% increase in LTL shipments per day, but was hurt by 5.5% decrease in LTL weight per shipment.

Quarter to date, LTL revenue per hundredweight and LTL revenue per hundredweight excluding fuel surcharges ascended 15.5% and 9.9% year over year, respectively. This strong performance is a result of increase in demand for the company’s services as well as recovery in the domestic economy, Old Dominion’s president and chief executive officer, Greg C. Gantt, stated. Although daily volumes rose in August, the company’s operations were affected by a spike in COVID-19 cases as well as supply chain disruptions, Gantt added.

Old Dominion Freight Line, Inc. Price

Old Dominion Freight Line, Inc. Price
Old Dominion Freight Line, Inc. Price

Old Dominion Freight Line, Inc. price | Old Dominion Freight Line, Inc. Quote


Notwithstanding short-term headwinds, the company expects continued growth, to cater to which it will continue to make investments in expanding its capacity.

Zacks Rank & Key Picks

Old Dominion carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the Transportation - Truck industry are ArcBest Corporation ARCB, Saia SAIA and Covenant Logistics Group CVLG. While ArcBest and Saia sport a Zacks Rank #1 (Strong Buy), Covenant Logistics carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Shares of ArcBest, Saia and Covenant Logistics have rallied more than 62%, 36% and 57% so far this year.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Old Dominion Freight Line, Inc. (ODFL) : Free Stock Analysis Report

ArcBest Corporation (ARCB) : Free Stock Analysis Report

Saia, Inc. (SAIA) : Free Stock Analysis Report

Covenant Logistics Group, Inc. (CVLG) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research