Old Dominion Freight Line reported certain less-than-truckload, LTL, operating metrics for August 2018. LTL tons per day increased 9.7% as compared to August 2017, due primarily to a 10.0% increase in LTL shipments per day that was slightly offset by a 0.3% decrease in LTL weight per shipment. For the quarter-to-date period, LTL revenue per hundredweight increased 12.0% as compared to the same period last year. Greg C. Gantt, President and CEO of Old Dominion, commented, "Our revenue increased more than 20% for each of the first two months of the third quarter, due to sustained strength in the domestic economy and our continued ability to win market share by delivering superior service at a fair price. Although the rate of our LTL volume growth thus far in the third quarter has been slightly below what we experienced during the first half of the year, we believe this change is primarily attributable to our decision to reduce the number of heavy-weighted shipments in our network. This strategic reduction also had a positive impact on LTL revenue per hundredweight. Customer demand for our service offerings remains strong, and we believe our service center network capacity will remain sufficient to support the anticipated growth of our business for the foreseeable future. We intend to continue to reinvest in our business to ensure that we have the necessary equipment, facilities and people to support our long-term strategic initiatives, which we believe will continue to increase shareholder value."
