Old Dominion Freight Line Volatile After Reports Of Weak Revenue Per Day

Old Dominion Freight Line ODFL disclosed quarter-to-date per day figures representing a slight drop from the same period last year. Following this, the stock witnessed volatility on Friday.

The company revealed some less-than-truckload ("LTL") operating metrics for August 2016. The company's LTL tons per day fell 1.4 percent from the year-ago month, citing a 1.5 percent drop in LTL shipments per day, partly offset by a 0.1 percent rise in LTL weight per shipment.

Related Link: Old Dominion Freight Line Says August LPL Tons Down 1.5% Year-Over-Year

Old Dominion Freight Line Vice Chairman and CEO David Congdon said, "The decline in Old Dominion's LTL tons per day for August reflects an operating environment that continued to be challenging. The pricing environment has remained relatively stable, however, and quarter-to-date LTL revenue per hundredweight, excluding fuel surcharges, increased between 2.0 percent and 2.5 percent as compared to the same period last year. As a result, our quarter-to-date total revenue per day was slightly below the same period of 2015."

During the day, the stock ranged between $69.95 on the downside and $71.55 on the upside. At time of writing this, the stock shed $0.30, or 0.42 percent, to $70.76.

Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email feedback@benzinga.com with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!