Old Dominion Freight Line, Inc. Announces General Rate Increase
November 13 2023 - 7:00AM
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231113146858/en/
Todd Polen VP – Pricing Services 336.822.5160
Patrick Budd Manager – Communications 336.822.1241
Patrick.budd@odfl.com
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