Old Dominion Freight Line Inc. said the amount of freight tonnage it hauled in October and November rose compared with the previous year, causing the carrier to increase its tonnage expectations for the fourth quarter.
Tons per day grew 8.5% in October and 10.3% in November, ODFL said Dec. 3. It now expects fourth-quarter tons per day to be 9.5% to 10% higher than last year, compared with a 9% to 10% increase that it previously estimated.
“Old Dominion has continued to produce solid revenue growth in the fourth quarter of 2013 through a combination of increased tons and yield,” CEO David Congdon said in a statement. “We believe our growth in October and November was the result of increased market share while also maintaining our core pricing philosophy.”
Revenue per hundredweight, excluding fuel surcharges, will grow 1.5% to 2% in the quarter, compared with a 1.5% to 2.5% estimate previously announced. That reflects “changes to the mix of our freight that can lower this metric,” Congdon said.