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Old Dominion (ODFL) Posts LTL Unit Performance for November

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Old Dominion Freight Line, Inc. (ODFL - Free Report) provided an update on the performance of its less-than-truckload (LTL) segment, which is its primary revenue generator, in November.

Old Dominion's revenue per day fell 0.9% year over year in November 2023, owing to a 2.3% decrease in LTL tons per day, partially offset by an increase in LTL revenue per hundredweight. The downfall in LTL tons per day was attributable to a 2.9% decline in LTL weight per shipment, partially offset by a 0.6% increase in LTL shipments per day.

Quarter to date, ODFL’s LTL revenue per hundredweight and LTL revenue per hundredweight, excluding fuel surcharges, jumped 3.1% and 7.6% year over year, respectively.

Marty Freeman, president and chief executive officer of Old Dominion, stated, "The decrease in our November revenue reflects continued softness in the domestic economy. We were pleased, however, to see both the continued improvement in our yield metrics and a slight increase in our LTL shipments per day. We will continue to focus on delivering superior service at a fair price to support our consistent, cost-based approach to yield management. Our ability to execute on this fundamental element of our long-term strategic plan has created an unmatched value proposition in our industry, which we believe will also continue to support our ongoing ability to win long-term market share”.

Zacks Rank and Stocks to Consider

Currently, Old Dominion carries a Zacks Rank #3 (Hold).

Some better-ranked stocks for investors interested in the Zacks Transportation sector are Air Canada (ACDVF - Free Report) and SkyWest (SKYW - Free Report) .

Air Canada currently sports a Zacks Rank #1 (Strong Buy). An uptick in passenger traffic is aiding ACDVF. Recently, management announced plans to launch a new year-round route between Montreal and Madrid. You can see the complete list of today’s Zacks #1 Rank stocks here.

The service will commence in May of the following year as part of its expanded international summer 2024 flying schedule to cater to increased demand.  

SkyWest currently carries a Zacks Rank #2 (Buy). SKYW's fleet-modernization efforts are commendable. Initiatives to reward its shareholders also bode well. The Zacks Consensus Estimate for current-quarter earnings has surged 83.3% in the past 60 days.

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