Old Dominion Hit By Tonnage, Fuel Surcharge Declines
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
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.
More Drivers
Platform Science Adds Dispatch and Safety Tools
Four additions to PS Fleet help fleets monitor loads, manage driver coaching, share truck locations and adjust video system settings.
Read More →
When Language Stops the Truck: The Return of ELP Out-of-Service Orders
English language proficiency rules for commercial drivers aren’t new, but renewed out-of-service enforcement has raised the stakes. Here’s what carriers need to know before a driver reaches a roadside inspection.
Read More →
Samsara Launches Custom AI Agent Builder
Agent Studio lets fleets create AI tools for hours-of-service monitoring, reporting and driver support, including agents that communicate by phone.
Read More →
Trucker Path Expands Reserved Parking Network
Trucker Path has added close to 6,000 more truck parking spaces to its Trucker Path Reserved Parking Network with the addition of Safe Truck Parking.
Read More →
EEOC Sues Texas Trucking Company Over Driver Age Limits
The agency says Trancasa USA rejected applicants over 65 and applied tougher driving-record standards to those over 60.
Read More →
Nussbaum, Roehl Announce Second Driver Pay Increase This Year
This year has seen a swath of major truck driver pay increases as freight capacity has tightened.
Read More →
From One Generation to the Next: How Mentorship Builds Safer Truck Drivers
After three decades in trucking, Harold Perry shares what he's learned about driver safety, mentorship, and helping the next generation build confidence behind the wheel.
Read More →
Truck Drivers Need More Than Another Alert
Fleets have more visibility into truck health, safety events, and driver activity than ever. The next challenge is turning all that information into useful guidance for the person who has to decide what to do next.
Read More →
FMCSA Removes 110 Truck Driver Training Schools from Certified ELDT List
Federal regulators also are targeting more than 160 additional training providers and launching a nationwide audit of third-party CDL skills testers as part of a broader crackdown on trucking fraud.
Read More →
Hours of Service Pilot Programs: FMCSA Readies for 2027 Rollout
Two pilot programs could eventually reshape hours-of-service rules, giving truck drivers options to pause their 14-hour clock or use longer split sleeper rest periods.
Read More →