Less-than-truckload carrier Old Dominion Freight Line saw a 4.4% revenue decline in November due to soft volumes. The company’s revenue per hundredweight increased by 6%, partially offsetting a 10% tonnage drop.

Old Dominion’s daily shipments were down 9.4% y/y in November, with weight per shipment decreasing by 0.6%. Weak tonnage trends in Q4 come despite favorable y/y comparisons.

The company implemented a 4.9% general rate increase in November. Old Dominion’s yield is up 5.9% y/y quarter-to-date, supporting its revenue per hundredweight.

Manufacturing data showed a 48.2 reading on the Purchasing Managers’ Index, indicating contraction. Old Dominion is feeling the impact, as 55-60% of its revenue is tied to the industrial economy.

Read more at Yahoo Finance: Old Dominion again sees yields improve as volumes sag