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Old Dominion Freight Line, Inc. Announces General Rate Increase
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Old Dominion Freight Line, Inc. (Nasdaq: ODFL) announces a 4.9% general rate increase (GRI) for existing tariffs, effective December 4, 2023. The increase aims to offset rising costs related to real estate, expansion projects, new equipment, technology investments, and employee wages. It aligns with the company's yield management strategy and includes nominal minimum charge increases for various shipment lanes.
Positive
The GRI aligns with the company's long-term yield management strategy, indicating a proactive approach to cost management and revenue enhancement.
Negative
None.
THOMASVILLE, N.C.--(BUSINESS WIRE)--
Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today announced a general rate increase (GRI) of 4.9 percent applicable to rates established under the existing ODFL 559, 670, and 550 tariffs, effective December 4, 2023.
Todd A. Polen, Old Dominion Freight Line’s Vice President – Pricing Services, commented, “In line with our economic forecast and expectations for the anticipated operating environment, OD is implementing a general rate increase to ensure the continued enhancement of our high-quality service network and systems. We remain committed to providing our premium value proposition of on-time, claims-free service at a fair price as well as exceeding customer expectations and delivering on their promises. This GRI, applicable to our class tariffs, aims to partially offset rising costs associated with new real estate and expansion projects, new equipment, technology investments, and competitive employee wage and benefit packages. The overall increase is anticipated to be approximately 4.9 percent. While the GRI’s impact will vary based on individual shipment lanes and distances traveled, it aligns with our long-term yield management strategy. The GRI also includes nominal increases in minimum charges for intrastate, interstate, and cross-border lanes.”
For more information about Old Dominion Freight Line, visit www.odfl.com or call (800) 432-6335.
About Old Dominion Freight Line, Inc.
Old Dominion Freight Line, Inc. is one of the largest North American less-than-truckload (“LTL”) motor carriers and provides regional, inter-regional and national LTL services through a single integrated, union-free organization. Our service offerings, which include expedited transportation, are provided through an expansive network of service centers located throughout the continental United States. The Company also maintains strategic alliances with other carriers to provide LTL services throughout North America. In addition to its core LTL services, the Company offers a range of value-added services including container drayage, truckload brokerage and supply chain consulting.
What is the effective date of the general rate increase announced by Old Dominion Freight Line, Inc.?
The general rate increase is effective from December 4, 2023.
What is the purpose of the rate increase?
The increase aims to offset rising costs associated with new real estate and expansion projects, new equipment, technology investments, and competitive employee wage and benefit packages.
Which tariffs are affected by the general rate increase?
The increase is applicable to rates established under the existing ODFL 559, 670, and 550 tariffs.
How much is the overall increase anticipated to be?
The overall increase is anticipated to be approximately 4.9 percent.
What does the increase include for various shipment lanes?
The increase also includes nominal increases in minimum charges for intrastate, interstate, and cross-border lanes.
old dominion freight line, inc. (nasdaq: odfl) is a leading, less-than-truckload (“ltl”), union-free company providing premium service to all its customers. od offers regional, inter-regional and national ltl service. in addition to its core ltl services, the company offers its customers a broad range of logistics services including ground and air expedited transportation, supply chain consulting, transportation management, truckload brokerage, container delivery and warehousing. in addition, old dominion offers a consumer product for household moving: od household services. through strategic partnerships, the company also offers international freight forwarding services throughout the world. old dominion’s claims ratio and on-time record are among the best in the industry. for 80 years, old dominion has been helping the world keep promises. for career opportunities, visit http://www.odfl.com/careers/.
