Old Dominion Freight Line, Inc. (NASDAQ: ODFL), which operates as a less-than-truckload motor carrier in North America, reported financial results for the third quarter of 2024.
- Third-quarter revenues declined 3% year-over-year to $1.47 billion, with a decrease in LTL tons per day more than offsetting an increase in LTL revenue per hundredweight
- LTL Services revenue and Other Services revenues declined 2.9% and 6.5%, respectively, during the three months
- Net income came in at $308.6 million or $1.43 per share in the September quarter, compared to $339.3 million or $1.54 per share last year
- Third-quarter operating income decreased 9.7% annually to $401.9 million
- LTL shipments per day averaged 47,967 during the third quarter, after averaging 49,670 a year earlier
- In the third quarter, Old Dominion’s operating ratio increased to 72.7% from 70.6% in Q3 2023