The LTL carrier’s Q2 operating ratio improved sharply to 70.1% from 74.6% a year ago, driven by higher revenue per hundredweight.
Old Dominion Freight Line reported a second-quarter operating ratio of 70.1%, down from 74.6% in the same period last year. The improvement came despite lower shipment volumes, as revenue per hundredweight excluding fuel rose 5.5% to $29.71, while including fuel it jumped to $37.84 from $32.84.
For the first half of the year, the company’s operating ratio stood at 72.9%. Tonnage and daily shipments declined year-over-year, but weight per shipment increased 1.7%, and revenue per shipment excluding fuel climbed 7.2%. The company also maintained a 99% on-time service rate and a 0.1% claims ratio.
Old Dominion’s stock has faced pressure recently, with its 52-week high of $252.03 reached on June 9 amid broader LTL sector concerns, including competition from Amazon.