With about three weeks remaining in the third quarter of the year, the less-than-truckload carrier Old Dominion Freight Line on Tuesday reported increases in the amount of freight it has handled over the previous two months.
During July and August, LTL tons per day increased 7.7% and 5.8%, respectively, compared to the same time a year earlier.
These increases reflected growth in shipments of 12.9% in July and 11.7% in August compared to the same months in 2014, according to the company. They were partially offset by a year-over-year decline in LTL weight per shipment of 4.6% and 5.3% in July and August, respectively.
Old Dominion also experienced a year-over-year decrease in LTL revenue per hundredweight of 0.8% for July 2015 and 1.2% in August 2015 compared to a year earlier, primarily due to declines in fuel surcharges.
LTL revenue per hundredweight, excluding fuel surcharges, increased 5.3% and 5.6% in July and August 2015, respectively, compared to the same time last year.
Calling the strong growth "consistent with long-term growth trends," David S. Congdon, ODFL vice chairman and CEO, noted that LTL tons per day also "continued to grow against difficult year-over-year comparisons of 18.8% and 19% growth for July and August 2014, respectively, and the continued decline in our LTL weight per shipment.
“We believe the pricing environment continues to be stable and are confident in our ability to continue to gain market share while also improving our yield.”
The results follow the North Carolina-based carrier reporting its 2015 second quarter profit increased nearly 16% to $85.6 million from a year earlier as revenue moved up almost 8.5% to $762.2 million.
During the period, LTL tons per day increased 9.1% compared with the second quarter of 2014 due to the 13.4% increase in LTL shipments, which was partially offset by the 3.8% decline in LTL weight per shipment, according to the company.