Old Dominion Freight Line, Inc. (NASDAQ: ODFL), which operates as a less-than-truckload motor carrier in North America, has reported lower earnings and revenues for the third quarter of 2023.
- Third-quarter revenues declined 5.5% year-over-year to $1.52 billion, mainly reflecting a 6.9% decrease in LTL tons per day that was partially offset by a 3.1% increase in LTL revenue per hundredweight
- LTL Services revenue and Other Services revenues declined 5.2% and 32.4%, respectively, during the three-month period
- Net income came in at $339.3 million or $3.09 per share in the September quarter, compared to $377.4 million or $3.36 per share last year
- Third-quarter operating income decreased 10.3% annually to $445.02 million
- LTL shipments per day averaged 49,670 during the third quarter, after averaging 47,077 per day through the first six months of the year
- In the third quarter, Old Dominion’s operating ratio increased 150 basis points to 70.6%
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