Old Dominion posts May tonnage gains; Congdon says U.S. economy "improving"

Less-than-truckload (LTL) carrier Old Dominion Freight Line Inc. said today that daily tonnage in May rose 5.8 percent from May 2016, due almost exclusively to a 5.7-percent year-to-year gain in shipment count.

Weight per shipment rose a scant 0.1 percent year over year, Thomasville, N.C.-based Old Dominion said.

Through the first two months of Old Dominion's second quarter, revenue per hundredweight—the amount of revenue generated per 100 pounds hauled—rose 5.3 percent from the second quarter of 2016. Excluding the impact of fuel surcharges, which boost overall revenue—revenue per hundredweight rose 3.5 percent.

David S. Congdon, Old Dominion's vice chairman and CEO, said the May results, coupled with good April tonnage figures, reflect "an improving domestic economy." They may also reflect a trend toward more lighter-weight shipments that are generated by online orders.

Though not the largest LTL carrier, Old Dominion is considered by many to be the most well-managed company in the sector.