THOMASVILLE, N.C.--( BUSINESS WIRE)--Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today announced financial results for the three-month and twelve-month periods ended December 31, 2024.
All prior-period share and per share data in this release have been adjusted to reflect the Company’s March 2024 two-for-one stock split.
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December 31, |
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December 31, |
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2024 |
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2023 |
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2024 |
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2023 |
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Marty Freeman, President and Chief Executive Officer of Old Dominion, commented, “Old Dominion’s financial results for the fourth quarter reflect the ongoing softness in the domestic economy. While our revenue declined 7.3% in the quarter, our market share remained relatively consistent. In addition, we continued to operate efficiently while maintaining our best-in-class service. Providing our customers with superior service at a fair price remains the cornerstone of our long-term strategic plan, and we were pleased to achieve an on-time service performance of 99% and a cargo claims ratio below 0.1% during the fourth quarter.
“The decrease in our fourth quarter revenue was primarily due to an 8.2% decrease in LTL tons per day. The decrease in LTL tons per day reflects a 7.6% decrease in our LTL shipments per day and a 0.7% decrease in our LTL weight per shipment. Excluding fuel surcharges, LTL revenue per hundredweight increased 3.8%, reflecting the success of our long-term yield management. Our consistent, cost-based approach to pricing focuses on offsetting our cost inflation while also supporting our ongoing investments in capacity, technology and our OD Family of employees, which in turn supports our ability to win market share over the long-term.