The carrier’s daily revenue growth accelerated from April as tonnage declines narrowed and fuel surcharges boosted yields.
Old Dominion Freight Line reported a 12.3% year-over-year increase in revenue per day for May, outpacing April’s 7.6% gain. The improvement reflects rising industrial demand and higher diesel fuel prices, which lifted fuel surcharges and yields by approximately 16% during the month.
May tonnage fell 3.8% year-over-year, an improvement from April’s 6.1% decline. On a two-year stacked basis, tonnage was down 12%, better than April’s 15% drop. Yield growth, including fuel surcharges, reached 15.6% through the first two months of the quarter.
CEO Marty Freeman noted demand continued to strengthen as the quarter progressed, aligning with positive manufacturing data for May. The LTL sector’s recovery is supported by a fifth consecutive month of industrial activity growth.