Hit by a drop in tonnage and fuel surcharges, Old Dominion Freight Line's revenue fell 22.4 percent during the third quarter of 2009.
Revenue reached $322.8 million compared with $415.9 million for the third quarter of 2008.

The company's net income was similar to that of the second quarter, at $10.5 million, or 28 cents a share. The company posted $10.7 million in income during the second quarter of 2009, and $23.4 million, or 63 cents a share, for the third quarter of 2008.

The North Carolina-based less-than-truckload carrier attributed the revenue decline to a 14 percent drop in tonnage from the year-ago quarter, as well as a reduction in fuel surcharges due to the decrease in the price of diesel fuel.

Despite the results, Earl Congdon, executive chairman of Old Dominion, was positive about the quarter.

"Old Dominion again produced solid results for the third quarter despite a weak LTL business environment, which was characterized by overall tonnage declines and aggressive price competition," he said.

"We believe yields in the industry will not improve until capacity more closely meets demand, which could occur through either a significant improvement in the U.S. economy or through additional industry consolidation. Until such time, we anticipate continued pressure on our yields," he added.