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Sep 30, 2023
Old Dominion Q3 2023 Earnings Report
Old Dominion's financial performance reflected softness in the domestic economy but also showed encouraging trends with an increase in LTL shipments per day.
Key Takeaways
Old Dominion Freight Line reported a decrease in revenue by 5.5% due to a 6.9% decrease in LTL tons per day, which was partially offset by a 3.1% increase in LTL revenue per hundredweight. The company's operating ratio increased by 150 basis points to 70.6%. Despite these challenges, LTL shipments per day increased, and the company maintained high on-time service performance.
LTL shipments per day averaged 49,670 during the third quarter, an increase from the first six months of the year.
On-time service performance was 99% with a 0.1% cargo claims ratio.
LTL revenue per hundredweight, excluding fuel surcharges, increased by 8.9%.
Operating ratio increased to 70.6% due to an increase in overhead costs.
Revenue by Segment
Forward Guidance
Old Dominion expects to continue investing in its service center capacity, equipment, and technology to maintain excess capacity and provide superior service.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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