The less-than-truckload carrier Old Dominion Freight Line Inc. has reported increases in freight for the first two months of 2016, including tons per day growing 2% and 3.2% for January and February, respectively, compared to the same time in 2015.
These increases reflected growth in LTL shipments per day of 6.4% for January 2016 and 6.1% for February 2016 from a year earlier. They were partially offset by a year-over-year decline in LTL weight per shipment of 4.1% and 2.7% for January and February 2016, respectively.
ODLF’s LTL revenue per hundred weight increased 1% for January and was flat for February compared to the same months in 2015.
Excluding fuel surcharges, LTL revenue per hundredweight increased 4.6% for January 2016 and 3.4% for February 2016, when to the same periods in the prior year.
“Old Dominion produced solid growth for the first two months of 2016, despite the ongoing impact of a slow economy and a decline in fuel surcharges,” said David S. Congdon, vice chairman and CEO. “We have continued to take advantage of our opportunities to win market share by delivering superior service at a fair price. In addition, we believe the pricing environment remained stable during the first two months of 2016 and our yield trends were consistent with our expectations.”
Congdon recently said he would like to see the North-Carolina based company to double its current 6% to 7% share of the domestic LTL market.
In an interview published last month, David Bates, senior vice president of operations, talked about the company’s success and plans for the future.
In February, ODLF reported its fourth quarter 2015 earnings showing improvements despite a weaker freight market.