Old Dominion Reports Mixed August Performance with Strong Yield Growth but Slight Tonnage Decline
In its latest update, Old Dominion Freight Line reported strong yield growth in August of 2026, driven by higher pricing and fuel surcharges. Revenue per hundredweight increased approximately 13% year over year when including fuel surcharges, up from July's 9.3%. However, tonnage declined slightly at -0.9%, consistent with the previous month’s trend. Despite rising diesel prices—up 46% y/y in August—the company maintained solid revenue growth due to its industry-leading service and pricing discipline. The shipment weight increase partially offset a drop in daily shipments, reflecting broader industrial improvements as evidenced by an eighth consecutive positive reading from ISM's Manufacturing PMI. Old Dominion’s performance supports the higher end of its third-quarter guidance for 10% year-over-year revenue growth to $1.55 billion and improved yield metrics. However, shares fell between 4-7% following a broader-than-expected decline in new orders within ISM's report.
Tickers: $ODFL