Less-than-truckload (LTL) carrier Old Dominion Freight Line Inc. today reported a drop in daily shipments and tonnage during November, compared to the same period a year ago. Weight per shipment rose 2.5 percent year over year.
Thomasville, N.C.-based Old Dominion said daily tonnage in November fell 0.4 percent year over year, while shipments dropped 2.9 percent.
For the fourth quarter through November, LTL revenue per each 100 pounds carried rose about 2 percent compared to the year-earlier period. The gain, which reflects firmer yields, offset the decline in tonnage, which resulted in a 1.8-percent increase in total daily revenue, Old Dominion said.
In a statement, David S. Congdon, Old Dominion's vice chairman and CEO, said the overall LTL pricing environment has remained stable. The LTL industry has been hit by persistent weakness in the U.S. industrial economy. The weakness has raised concerns that carriers would resort to price cutting to defend market share.
Congdon said the company's pricing philosophy, which has historically been not to sacrifice yield for market share gains, remains unchanged.