LTL grows on price, not volume: XPO, Old Dominion, FedEx
Three big LTL carriers reported third-quarter results: revenue is up, shipment counts barely moved.
Key facts
XPO: revenue rose 12.4% to $2.4 billion. Shipments per day were up 5.8% and tonnage per day up 5%.
Old Dominion: revenue of $1.59 billion, up 13%. Revenue per hundredweight rose 13.3%, while tons per day fell 0.1%.
FedEx Freight (its first quarter as an independent company): 7.64 million shipments versus 7.66 million a year earlier, tonnage up 1%.
All three talk about a recovery: Old Dominion and XPO call it sustainable, pointing to growth in the ISM manufacturing index.
For brokers: LTL carriers are raising rates and picking the "better" freight. Light palletized loads increasingly land in partials and the spot market.
Source: Trucking Dive (XPO, Old Dominion, FedEx Freight), отчёт XPO в SEC