Old Dominion profit, revenue slip on waning freight demand
Oct 25 (Reuters) - Old Dominion Freight Line reported a drop in third-quarter profit and revenue on Wednesday as the trucking firm struggled with cooling demand for its services.
The company's net income fell to about $339 million, or $3.09 per share, from $377.4 million, or $3.36 per share, a year earlier.
Revenue decreased 5.5% to $1.52 billion in the three months ended September.
The logistics industry has contended with a decline in e-commerce volumes from pandemic highs as people returned to normal shopping patterns and invested in experiences such as travel and dining.
As a result, operators such as XPO, JB Hunt and CH Robinson Worldwide have posted declines in their profits.
High driver wages, maintenance expenses and supply chain disruptions have also pressured earnings and the companies have launched aggressive cost-cutting measures to shield profits and sail through the freight downturn.
(Reporting by Priyamvada C and Nathan Gomes in Bengaluru; Editing by Sriraj Kalluvila)
