The North Carolina-based company also reported Tuesday its LTL revenue per hundredweight increased 9.6 quarter-to-date over 2018.
Old Dominion Freight Lines reported Tuesday year-over-year revenue growths for both February and the quarter-to-date for several less-than-truckload (LTL) operating metrics despite a drop in LTL tons per day and LTL weight per shipment.
The North Carolina-based company’s revenue per day increased 7.5 percent year-over-year in February, which it credited primarily to an increase in LTL revenue per hundredweight. For the quarter-to-date, LTL revenue per hundredweight jumped 9.6 percent over 2018.
LTL tons per day dropped 1.5 percent due to a 3.6 percent decrease in LTL weight per shipment in the quarter-to-date period, Old Dominion reported. But the company saw a 2.1 percent growth in LTL shipments during the same time.
“While the beginning of 2019 has included a few seasonal challenges, we have focused on executing our business model and produced solid revenue growth as a result,” said President and CEO Greg Cantt. “The consistent increase in our LTL revenue per hundredweight reflects the favorable pricing environment as well as the decrease in our LTL weight per shipment. Although our yield has increased consistently, our volumes for both January and February were slightly lower than expected.”
Last month, Old Dominion reported a 2018 profit of $605.67 million.