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Old Dominion's November Performance Bleak in the LTL Segment
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Old Dominion Freight Line, Inc. (ODFL - Free Report) provided an update on its less-than-truckload (“LTL”) segment’s (major revenue generating unit) performance in November.
With 5.3% decrease in LTL tons per day, revenue per day declined 3.2% year over year. The adversity was partly offset by increase in LTL revenue per hundredweight. The fall in LTL tons per day was due to a 5.7% decrease in LTL shipments per day. Meanwhile, weight per shipment inched up 0.4%. So far in the fourth quarter, LTL revenue per hundredweight augmented 2.6% year over year, while the same excluding fuel surcharges climbed 4.1%.
Per Greg C. Gantt, Old Dominion’s president and CEO, “Our revenue results for November reflect the continued softness in the domestic economy.” Struggling with a sluggish freight environment, as a result of the weak economy, the company’s LTL tonnage declined successively in each of the three quarters of 2019, registering a 4.4% decrease in the first nine months of 2019. LTL shipments also slipped 1.6% in the period.
This leading LTL carrier based in Thomasville, NC, is set to join the coveted S&P 500, before market open on Dec 9, replacing SunTrust Banks (STI - Free Report) , which is expected to be acquired by another S&P 500-member, BB&T Corporation . In the S&P SmallCap 600 Index, Old Dominion’s spot will be filled by Cabot Microelectronics Corporation . (Read more: Old Dominion to Join Prestigious S&P 500 Benchmark)
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A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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Old Dominion's November Performance Bleak in the LTL Segment
Old Dominion Freight Line, Inc. (ODFL - Free Report) provided an update on its less-than-truckload (“LTL”) segment’s (major revenue generating unit) performance in November.
With 5.3% decrease in LTL tons per day, revenue per day declined 3.2% year over year. The adversity was partly offset by increase in LTL revenue per hundredweight. The fall in LTL tons per day was due to a 5.7% decrease in LTL shipments per day. Meanwhile, weight per shipment inched up 0.4%. So far in the fourth quarter, LTL revenue per hundredweight augmented 2.6% year over year, while the same excluding fuel surcharges climbed 4.1%.
Per Greg C. Gantt, Old Dominion’s president and CEO, “Our revenue results for November reflect the continued softness in the domestic economy.” Struggling with a sluggish freight environment, as a result of the weak economy, the company’s LTL tonnage declined successively in each of the three quarters of 2019, registering a 4.4% decrease in the first nine months of 2019. LTL shipments also slipped 1.6% in the period.
Old Dominion Freight Line, Inc. Price
Old Dominion Freight Line, Inc. price | Old Dominion Freight Line, Inc. Quote
This leading LTL carrier based in Thomasville, NC, is set to join the coveted S&P 500, before market open on Dec 9, replacing SunTrust Banks (STI - Free Report) , which is expected to be acquired by another S&P 500-member, BB&T Corporation . In the S&P SmallCap 600 Index, Old Dominion’s spot will be filled by Cabot Microelectronics Corporation . (Read more: Old Dominion to Join Prestigious S&P 500 Benchmark)
Zacks Rank
Old Dominion carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>