Old Dominion Freight Line Provides Third Quarter 2024 Update Page 1

Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today reported certain less-than-truckload (“LTL”) operating metrics for August 2024. Revenue per day decreased 5.2% compared to August 2023 due to a 6.1% decrease in LTL tons per day, partially offset by an increase in LTL revenue per hundredweight. The change in LTL tons per day was due to a 5.0% decrease in LTL shipments per day and a 1.1% decrease in LTL weight per shipment. For the quarter to date, LTL revenue per hundredweight and LTL revenue per hundredweight, excluding fuel surcharges, increased 3.0% and 4.9%, respectively, compared to the same period last year.

Marty Freeman, President and CEO of Old Dominion, commented, “Our August revenue results reflect continued weakness in the domestic economy as well as the impact of lower fuel surcharge revenue on our earnings. While our LTL volumes declined year-over-year, our LTL shipments per day in August remained relatively consistent with July and our annual average during the first half of this year. We also maintained our long-term, disciplined approach to pricing, as reflected in the continued improvement in our LTL revenue per hundredweight. The OD family of employees remain focused on providing our customers with superior service at a fair price, which has created an unmatched value proposition in our industry. We believe that by continuing to execute on our long-term strategic plan, we are positioning Old Dominion to gain profitable market share over the long term while increasing shareholder value.