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Old Dominion Freight Line Inc. said financial results from February show its first-quarter tonnage will grow more than it had previously estimated.
First-quarter tons per day will grow 11% to 11.5% compared with the same year, an increase over the 10% to 11% that the less-than-truckload carrier had predicted. Revenue per hundredweight, excluding fuel surcharges, will increase 2% to 2.5% in the first quarter, matching previous estimates, ODFL said March 10.
The new tonnage estimate came after February’s per-day tonnage grew 11.7%. January’s tonnage had grown 10.1% over the last year.
“Old Dominion has continued to produce double-digit growth in LTL tons per day in a period of weak economic growth and significant adverse weather conditions, primarily through ongoing gains in market share,” CEO David Congdon said in a statement. “We believe the combination of substantial growth in tons with sustained yield improvement demonstrates the demand for our value proposition of superior service at a fair and equitable price.”