LTL yields

Old Dominion poised for more records in 2021

Old Dominion sets stage for second-quarter record

Less-than-truckload carrier Old Dominion Freight Line (NASDAQ: ODFL) said it is in “good position” to continue capturing market share. The carrier said it took share in the first quarter of 2021 in route to its highest-revenue quarter ever.

The company reported a 14.1% year-over-year increase in revenue as tonnage rose 8.3% and shipments grew 6.9%. A record first-quarter operating ratio of 76.1%, 530 basis points better year-over-year, was the result of improved yields (+5.6%) and weight per...

https://s29755.pcdn.co/news/old-dominion-poised-for-more-records-in-2021

Old Dominion posts best first quarter ever

Old Dominion "winning market share" on way to record first quarter

Less-than-truckload carrier Old Dominion Freight Line (NASDAQ: ODFL) reported first-quarter earnings per share of $1.70, 12 cents better than the consensus estimate and significantly ahead of the year-ago result of $1.11.

The Thomasville, North Carolina-based company reported a 14.1% year-over-year increase in revenue as tonnage increased 8.3% and shipments grew 6.9%. Tight truck capacity allowed the carrier to raise yields again with revenue per hundredweight up 5.6%.

“We are winning market...

https://www.freightwaves.com/news/old-dominion-posts-best-first-quarter-ever

Saia adds 20th facility in the Northeast

LTL market attracting new investment

Less-than-truckload carrier Saia Inc. (NASDAQ: SAIA) announced Monday the addition of another terminal in the northeastern U.S. The Johns Creek, Georgia-based carrier’s newly opened facility near Wilmington, Delaware, marks its 20th addition to the region in the last four years.

In 2017, Saia embarked on an aggressive Northeast growth campaign, adding terminals from New Hampshire to Maryland. Those plans accelerated following the demise of New England Motor Freight, which had a large terminal...

https://www.freightwaves.com/news/saia-adds-20th-facility-in-the-northeast

Strong LTL market still has some bumps in the road

LTL attracting new investment

On the surface, all is well in trucking as a sustained period of high demand outpaces supply, driving rates ever higher. Both less-than-truckload and truckload carriers have more freight than they can handle in what is widely being described as a “carriers’ market.”

But the boom time environment is causing more than just headaches for many carriers. Finding drivers and dockworkers, port congestion, bad weather, rail service issues, and getting equipment stuck at warehouses are some of the...

https://s29755.pcdn.co/news/strong-ltl-market-still-has-some-bumps-in-the-road

Yellow logs February tonnage decline; LTL recovery appears intact

Industrial data suggests LTL tonnage dip in February a blip

Less-than-truckload provider Yellow Corp. (NASDAQ: YELL), formerly YRC Worldwide, announced Monday tonnage fell 5.5% year-over-year in February following a 2.5% increase in January. Revenue per hundredweight, or yield, was up 6.3% in February, significantly higher than the 1.8% increase in January.  

The Overland Park, Kansas-based carrier’s tonnage reversal was largely due to severe winter storms, which impacted operations at 215 of the company’s 327 freight terminals. A press release said...

https://s29755.pcdn.co/news/yellow-logs-february-tonnage-decline-ltl-recovery-appears-intact

Winter weather takes bite out of Saia’s February tonnage

Winter weather hits LTL tonnage in February

Less-than-truckload carrier Saia (NASDAQ: SAIA) reported a reversal in trends during February as severe winter storms forced closures across the carrier’s network of terminals. February tonnage fell 2.3% year-over-year after climbing 5.4% in January.

At the peak of the storms, Saia had as many as 70 of its facilities fully or partially offline, in some cases for several days. The carrier has a strong presence in Texas, 20 terminals, which bore the brunt of the storms as some areas of the state...

https://www.freightwaves.com/news/winter-weather-takes-bite-out-of-saias-february-tonnage

LTLs continue to issue general rate increases

GRIs supportive of firming LTL market

Less-than-truckload carrier Old Dominion Freight Line (NASDAQ: ODFL) announced a 4.9% general rate increase Monday for freight carried under various general tariff codes. The increase will be effective March 1.

The rate bump follows similar announcements from LTL carriers in recent weeks. The majority of the increases are in the 5% to 6% range, likely indicative of tightening LTL capacity and a rate-disciplined environment.

Saia’s (NASDAQ: SAIA) 5.9% rate increase began on Jan. 18 and logistics...

https://s29755.pcdn.co/news/ltls-continue-to-issue-general-rates-increases

Saia looking to expand terminal count and margins

Terminal door count to grow by more than 4% in 2021

Less-than-truckload carrier Saia (NASDAQ: SAIA) looks to expand its terminal network in 2021 and take yields and margins higher.

The Johns Creek, Georgia-based carrier reported fourth-quarter earnings per share of $1.51 on Monday, outpacing the consensus estimate of $1.30 and last year’s result of 81 cents. The fourth-quarter result benefited by 9 cents due to a lower tax rate.

Terminal expansion plans

Saia plans to open at least one terminal during the first quarter and management is hopeful that...

https://www.freightwaves.com/news/saia-looking-to-expand-terminal-count-and-margins

ArcBest looking for ‘good momentum’ to carry into Q1

TFI acquisition of UPS Freight likely a 'good thing'

Logistics provider ArcBest Corp. (NASDAQ: ARCB) is hopeful for continued improvement in industrial activity as the new year progresses.

On Tuesday, the Fort Smith, Arkansas-based company reported fourth-quarter adjusted earnings per share of 97 cents, 5 cents ahead of consensus and 41 cents ahead of the 2019 fourth quarter. The period benefited from a lower tax rate.

Tonnage trends seeing lift from industrial sector

On the fourth-quarter earnings call, Chairman, President and CEO Judy McReynolds...

https://www.freightwaves.com/news/arcbest-looking-for-good-momentum-to-carry-into-q1

Interest in LTL industry gains momentum

UBS' Wadewitz sees favorable outlook for LTL carriers

The less-than-truckload carriers got another bull in their camp on Tuesday when UBS (NYSE: UBS) freight transportation analyst Tom Wadewitz initiated coverage on the sector with a favorable outlook.

In a report to clients, Wadewitz launched coverage of Old Dominion Freight Line (NASDAQ: ODFL) and XPO Logistics (NYSE: XPO) with “buy” ratings and Saia (NASDAQ: SAIA) with a “neutral” rating. He pointed to rebounding industrial activity as supportive of his forecast for tonnage growth of 5% in 2021...

https://www.freightwaves.com/news/interest-in-ltl-industry-gains-momentum

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