Old Dominion’s First-Quarter Profit Declines
Old Dominion Freight Line said Thursday its first-quarter profit declined to $4 million, or 11 cents per share, from $10.4 million, or 28 cents, a year ago.
Revenue fell 19.8% to $295.1 million, the less-than-truckload carrier said in a statement.
In the quarter, “pricing pressure was as severe as we have ever experienced,” Executive Chairman Earl Congdon said in a statement.
The company “was able to minimize the effects of a 12.4% decline in tonnage and operate profitably for the quarter,” he said in a statement.
Old Dominion Freight Line is ranked No. 20 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.