Overview

• Old Dominion’s daily revenue slipped 5.8% year-over-year in May, marking a continuation of declines from April and the first quarter.
• Tonnage per day fell 8.4% in May, driven by a 6.8% drop in shipments and a 1.9% decrease in weight per shipment.
• Yield improvements lifted revenue per hundredweight by 3.2% during the first two months of the second quarter.
• The Purchasing Managers’ Index remained in contraction at 48.5 in May, signaling ongoing manufacturing weakness that typically precedes LTL volume trends.
• Yellow Corp.’s liquidation advanced with plans to sell four more terminals for $6.8 million as part of an estate effort that has offloaded about 190 sites for over $2.2 billion.