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Old Dominion Freight Line Inc (ODFL) Q1 2021 Earnings Call Transcript

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Old Dominion Freight Line Inc (NASDAQ: ODFL)
Q1 2021 Earnings Call
Apr 22, 2021, 10:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Drew Anderson -- Senior Director, Product Management

[Technical Issues] Good morning and welcome to the first quarter 2021 conference call for Old Dominion Freight Line. Today's call is being recorded and will be available for replay beginning today and through April 30, 2021, by dialing 719-457-0820. The replay passcode is 7623805. The replay of the webcast may also be accessed for 30 days at the company's website. This conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements, among others, regarding Old Dominion's expected financial and operating performance. For this purpose, any statements made during this call that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words believes, anticipates, plans, expects, and similar expressions are intended to identify forward-looking statements. You are hereby cautioned that these statements may be affected by the important factors, among others, that are set forth in Old Dominion's filings with the Securities and Exchange Commission and in this morning's news release. And consequently, actual operations and results may differ materially from the results discussed in the forward-looking statements. The company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. As a final note, before we begin today, we welcome your questions. But we do ask in fairness to all that you limit yourselves to just a couple of questions at a time before returning to the queue. Thank you for your cooperation.

At this time, for opening remarks, I would like to turn the conference over to the company's President and Chief Executive Officer, Mr. Greg Gantt. Please go ahead, sir.

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Greg C. Gantt -- President and Chief Executive Officer

Good morning, and welcome to our first-quarter conference call. With me on the call today is Adam Satterfield, our CFO. After some brief remarks, we will be glad to take your questions. We are pleased to report a great start to 2021 for Old Dominion. Our financial results were highlighted by new first-quarter records for revenue, operating ratio, and earnings per diluted share. The operating momentum that began in the second half of 2020 continued through the quarter and we also benefited from an improving domestic economy. Our revenue increased to $1.1 billion as a result, which is the highest level of quarterly revenue we have ever achieved. The 14.1% revenue growth rate was also our highest since the fourth quarter of 2018. After essentially going through two flattish years, in '19 and '20, while our revenue was relatively flat over the past two years, and that was an unusually low period for us to go without growth. We maintained our commitment to our long-term strategic plan and invested during those times for our future. Our first-quarter financial results validate the benefits of this long-term strategy. Our strategic plan has worked throughout many economic cycles. We generally see our largest increases in market share when the domestic economy is strong and the industry capacity is generally limited. This is the environment in which we are now operating. We have also recently received encouraging feedback from many of our customers regarding the ongoing recovery of this business -- of these business levels and their increased demand for our services. As a result, we expect to see a continued acceleration in our market share trends as we progress through this year.

Our focus is never to simply increase market share and revenues, our objective is to win market share in a way that can produce profitable revenue growth. We achieved this goal in the first quarter as our ability to deliver best-in-class service at a fair price contributed to the increase in our volumes. The resulting improvement in density as well as an increase in yield that exceeded cost inflation led to the 76% operating ratio for the quarter and 53% increase in earnings per diluted share. With a favorable operating environment and improving trends, we intend to invest significantly in all elements of capacity this year to support our revenue growth initiatives.

This starts with our OD family of employees which already grew by over 1,000 new full-time employees during the first quarter. We intend to hire additional employees this year to further increase the capacity of our workforce. In addition, we will support our team's ability to deliver superior service by investing approximately $605 million in capital expenditures during 2021. This total includes new tractors and trailers, as well as an expansion of our service center network that could include an additional four service centers to six service centers. We will also continue to invest in new technologies that are designed to improve customer service and increase the efficiency of our operation. The OD team will be diligent in managing productivity, cost, and capacity this year to maximize our ability to produce profitable growth in 2021. This diligence, however, will not affect our focus on the long-term opportunities for our business. We believe we are the best-positioned company in the LTL industry to win market share in both the current environment and over the long term. This provides us with confidence that the continued execution of our strategic plan, combined with our financial strength and available network capacity can produce additional growth in earnings and increase shareholder value.

Thank you for joining us this morning and now Adam will discuss our first quarter financial results in greater detail.

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

Thank you, Greg, and good morning. Old Dominion's revenue for the first quarter of 2021 was $1.1 billion, which was a 14.1% increase from the prior year despite having one less workday. Our operating ratio improved 530 basis points to 76.1% and earnings per diluted share increased to $1.70. Our per day revenue growth of 15.9% included a nice mix of increases in both our LTL tons and yield. LTL tons per day increased 10% while our LTL revenue per hundredweight increased 5.6%. We are winning market share as demand for our industry-leading service has increased while the domestic economy is improving. In addition to our service advantage that includes 99% on-time performance and a cargo claims ratio of 0.1%, our proven strategy of investing in service center capacity ahead of anticipated growth has also provided us with the capacity advantage in the marketplace. This strategy is different from many of our competitors as we believe the average number of service centers operated by the other large LTL carriers has decreased over the past 10 years.

We currently have approximately 25% excess capacity within our service center network, which is in line with our long-term targets and we plan to further expand our network this year to stay ahead of our growth. Our plan is to ensure that our network is never a limiting factor to growth. On a sequential basis, revenue per day for the first quarter increased 3.3% as compared to the fourth quarter of 2020 with LTL tons per day increasing 0.7% and LTL shipments per day increasing 1.5%. These were all above our normal sequential trends, which typically decline from the fourth quarter. The monthly sequential changes in LTL tons per day during the first quarter were as follows: January increased 0.3% as compared with December; February decreased 4.4% versus January; and March increased 10.7% as compared to February. The 10-year average change for the respective months are: an increase of 1.2% in January; an increase of 2.2% in February; and an increase of 5.1% in March.

While there are still many workdays that remain in April, our revenue performance has remained strong. Our month-to-date revenue per day has increased by approximately 45% to 50% when compared to April of 2020. As a reminder, our revenue decreased 19.3% in April 2020 due to the significant impact of the COVID-related shutdowns. We will provide the actual revenue related details for April in our first-quarter Form 10-Q. Our first-quarter operating ratio improved to 76.1%, with improvements in both our direct operating cost and overhead cost as a percent of revenue. We have said many times before that the long-term improvement in our operating ratio requires an improvement in density and yield, both of which are generally supported by a favorable macroeconomic environment. The strength of our first-quarter results reflect how important these factors are to our success. Our direct cost benefited from an improvement in our line-haul latent load average and pickup delivery shipments per hour during the quarter. We lost a little productivity on the dock. But that is common when business levels accelerate and we add a significant number of new employees. While we would like to see our platform productivity improve, we believe it is more important for these employees to properly load our trailers to maximize employee safety and line-haul efficiency while also protecting freight from damage. As Greg mentioned, we will continue to add drivers and platform employees during the second quarter as our volume trends continue to accelerate. We will also continue to use purchase transportation to supplement our workforce until the capacity of our team can support our anticipated growth.

We improved our overhead cost as a percent of revenue during the first quarter, primarily by successfully leveraging our revenue growth. As expected and mentioned on our fourth quarter call, certain costs that were reduced in 2020, because of the pandemic, have started to increase. While many of these costs such as travel and customer entertainment are not completely back to pre-pandemic levels, we expect that there will be sequential increases in aggregate overhead cost this year. We will maintain our disciplined approach to controlling discretionary spending however, and make every effort to minimize cost inflation in other areas. Old Dominion's cash flow from operations totaled $310.3 million for the first quarter and capital expenditures were $51 million. We currently anticipate our capital expenditures to be approximately $605 million this year, which includes $275 million for service center expansion projects. We utilized $309 million for our share repurchase program and paid $23.2 million in dividends during the first quarter. The total share repurchase amount includes $275 million attributable to an accelerated share repurchase agreement that was executed during the first quarter. Our first quarter shares outstanding reflects the initial delivery of shares under this agreement and a final calculation of total shares repurchased will occur no later than the end of August of this year. Our effective tax rate for the first quarter of '21 was 26% as compared to 26.3% in the first quarter of 2020, and we currently expect our annual effective tax rate to be 26% for the second quarter of '21.

This concludes our prepared remarks this morning. Operator, we'll be happy to open the floor for questions at this time.

Questions and Answers:

Operator

Certainly. [Operator Instructions] We will take the first question t this time and it comes from Jack Atkins from Stephens. Please go ahead.

Jack Atkins -- Stephens -- Analyst

Great, thank you. Good morning and congrats on a great quarter, guys.

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

Thanks, Jack.

Greg C. Gantt -- President and Chief Executive Officer

Thanks.

Jack Atkins -- Stephens -- Analyst

So, maybe if we can just start with April and I know that the month isn't done, yet -- so -- and I know you want to hold off on the specific comments until the 10-Q comes out. But, Adam, would it be possible to maybe kind of talk bigger picture around what you're seeing sequentially in April relative to March? The comparisons both year-over-year and sequentially are just abnormal this year because of what was happening last year and obviously how strong March was. Could you maybe talk about what you're seeing April versus March from a tonnage-and-shipment perspective relative to normal seasonality?

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

You know, it's hard to get into the details of that on the tonnage and shipments basis because the trends have been a little more -- or unusual, if you will, and not following the same types of patterns in the sense of the way our weight per shipment has been trending interim month, and so forth. We've been seeing some wider shipments earlier in the month and then it just strengthens throughout and then gets heavy at the end. But nevertheless, our overall revenue, obviously, at 45% to 50% on a comparison basis with April suggests that we are seeing continued strength and acceleration in our business. We had incredibly strong performance in March at tonnage per day that was up 10.7% versus the normal 5.1% increase, that was the 10-year average, but then that follows the weakness that we saw in February. So, probably, a little bit of recovery there that helped support that number, and then just the way the math worked. But I think that we're continuing to see revenue perform, pretty much in line, with what we would expect from a sequential standpoint. As you mentioned, the year-over-year weights and shipments are going to look a little unusual, whereas last year we had such a -- an increase in late March and through April in the weight per shipment. So that certainly will throw things off a bit, but we look to see continued strong revenue performance, and whether that's coming through in tonnage shipments and yield, I think it's really all of the above. They're all performing well and contributing to excellent revenue quality. And obviously, in the first quarter, that's contributing to really strong profitable growth for us.

Jack Atkins -- Stephens -- Analyst

Absolutely. Absolutely, it is. So that's great to hear on the April trends. And then, I guess maybe, a bigger picture question to follow-up, you know, we're hearing from a number of LTLs, both public and private, that they're highly capacity constrained given what's happening in the broader market and they're taking steps to actually limit the volume that they're taking in from their customers. And I would think that given the latent capacity, what you guys have in your network, you mentioned 25% in your prepared comments, that's going to give you a chance to really demonstrate your value proposition, potentially to new customers. So I guess, how are you thinking about balancing the approach between making sure you're handling the needs of your existing customer base that are seeing surging volumes, but also perhaps, using this opportunity in a capacity-constrained environment to expand your customer base. How do you balance those two factors?

Greg C. Gantt -- President and Chief Executive Officer

Jack, as you know, we've always talked about our ability to grow and outgrow our competitors when the market was strong like it is today. So, I think we're definitely seeing the evidence of that. We're not capacity constrained. I think you know, we've made tremendous investments, particularly in the last 10 years or 15 years to increase our capacity and it's obviously paying off for us. So, I think we're in a very unique and a very positive position when the market turns as positive as it is today.

From the standpoint of constricting volumes or limiting volumes, whatever you want to call it, we haven't -- we have not had to do that. We have limited some truckload type shipments that were coming our way. Moreso -- more strong -- much stronger back in March than today, but we have had to limit some of those type shipments and keep them out of the truck line. But otherwise, we're not capacity constrained. It's full steam ahead. We're trying to hire and add to our workforce to meet those capacity demands, and so far, we're having success. I wish it was -- sometimes it would happen a little bit quicker than it does, but we're in a good position moving forward, and all things go.

Jack Atkins -- Stephens -- Analyst

Great. Greg, Adam, thanks for the comments. Appreciate it, guys.

Operator

[Operator Instructions] We'll take our next question, it comes from Amit Mehrotra from Deutsche Bank. Please go ahead.

Amit Mehrotra -- Deutsche Bank -- Analyst

Thanks. Congrats, Adam and Greg, on a great quarter. If I think about the sequential acceleration in April, just trying to understand if you're seeing that in yields as well, or are yields holding kind of at these levels, at these high levels, and you're seeing tonnage and shipment growth accelerate? And the reason I just asked this question is I'm trying to understand when opex per shipment has to inflect more meaningfully, getting back to closer to that 4% to 5% level, because it's actually been declining over the last couple of quarters. Partly, I assume, because of the attribution to growth from yield and pricing. So, just talk about yields, where yields are moving perspectively from here? And when you think opex per shipment needs to get back higher as shipment growth moves up?

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

Yeah, you know, the yield numbers similar to conversation we just had about volumes, they're going to look a little unusual as well. Last year, in April, our average weight per shipment was 1,677 pounds and we've been trending now around the 1,600-pound range. So, we're going to see if things continue a pretty meaningful drop. And that's similar to what we experienced in March as well. So you can -- with a big decrease in the weight per shipment, obviously, that has a favorable impact on revenue per hundredweight, and so we've got a big inflection there. Not to mention that last year, in April, was when the fuel dropped so significantly. So, we're going to have a bigger contribution from the fuel surcharge as well and might be looking at, and certainly, we saw a double-digit type increase in revenue per hundredweight, and that doesn't tell the story necessarily from a pure yield and revenue per shipment standpoint. We saw a nice improvement in the first quarter on revenue per shipment and that benefited from both a higher weight per shipment and a higher length of haul, as well. And all those metrics go into our yield management process.

We've got a process that's focused on individual account profitability and one that focuses on continuous improvement as well. And I think that our sales team, our pricing teams, they've worked really hard over the last couple of years to make sure that we're seeing continuous improvement in each of our customer's operating ratios and that's certainly bearing fruit when you look at our numbers and how that may transition into the second quarter as well. So, it's probably going to be more of a, just looking at that pure number, look in comparison on a sequential basis from first-quarter revenue per hundredweight, that I know to drive everyone's models, and you know, that normal sequential transition from 1Q to 2Q. And if you look at it excluding the fuel, we were right at $21 on a revenue per hundredweight basis in 1Q. And typically, we see on average about 1.5% increase from 1Q to 2Q, if mix has held constant.

So, that would suggest another $0.25 to $0.30 sort of sequential increase, if you will, in that revenue per hundredweight metric, excluding the fuel. But we're going to continue on with our focus. And you asked about opex as well and the long-term plan has always been to balance our revenue per shipment versus the cost per shipment performance and having a positive delta there to support the ongoing investments in capacity that essentially we're making on behalf of our customers, as well as investments in technology tools, and so forth, that can help us keep our cost structure lower so that we can improve profit per shipment without having to rely completely on pricing initiatives. But if we can continue to keep costs in check through productivity, and certainly right now, we're benefiting from the strong top-line growth and just the increase in shipment is creating operating leverage that's benefiting our cost structure there. And, as you mentioned, we did see a decrease in cost per shipment in the first quarter. But we were expecting, like we mentioned at the beginning of this year, core inflation of kind of 4% to 4.5%. We're just benefiting right now significantly from the leverage, and productivity, and yield performance in our business.

Amit Mehrotra -- Deutsche Bank -- Analyst

Yeah. And do you guys expect us -- a step to -- usually do see a step down in OR from 1Q to 2Q. I assume you'll expect that as well. But, first quarter was quite strong as well and pricing has been strong. So, any thoughts around kind of the sequential progression in OR from 1Q to 2Q?

Greg C. Gantt -- President and Chief Executive Officer

Yes, it's, it's -- certainly. I mean, that's the quarter where we get the biggest improvement. It's the quarter where we typically see the largest sequential increase in revenue performance as well. Typically revenue per day is up 10% in the second quarter versus the first. And so, that leverage on existing cost base and so forth creates that opportunity for us. So, we've -- on any given year, we've increased or improved the operating ratio in a range of 360 basis points to 420 basis points. And certainly, we would expect to get some improvement this year. We've done a good job the last three quarters and have had nice sequential changes that have beat kind of what our normal progression is. But now we're starting to look at the cost that I mentioned that we expect to have some increases in our aggregate overhead costs. I mean, we performed very well in the first quarter and had some cost in categories that kind of went well for us that we'll see, if all the stars, they aligned as we transition in the second quarter. But certainly, our focus is always to produce as much profitable growth as we can. And we will continue to look at leveraging the improvement in our revenue and trying to continue with our productivity initiatives. Some of that, like we saw in the first quarter, where we lost a little productivity on the dock, as we continue to hire new employees and put them into the operation, certainly you can start in a little bit of a headwind on productivity there.

But our operation is running extremely smooth right now and we're going to keep focused on making sure that we're focused mainly on keeping our service metrics best-in-class, secondary focus on productivity. But at the end of the day, we're trying to produce as much profitable growth as we can.

Amit Mehrotra -- Deutsche Bank -- Analyst

Yeah. But low 70s are all in the second quarter, implied by seasonality would be pretty impressive. Thanks so much, guys. Appreciate it and congrats again.

Greg C. Gantt -- President and Chief Executive Officer

Thanks.

Operator

Our next question comes from Allison Landry from Credit Suisse. Please go ahead.

Allison Landry -- Credit Suisse -- Analyst

Okay, so, good morning, Greg and Adam. So, I just wanted to ask about the length of haul. I mean, it's been increasing for the last few quarters and you're now talking about the length of haul [Phonetics]. I think you talked about five -- back -- five years or so. So, I'm just curious to understand and do you think this is mainly a function of cyclicality or do you attribute this to some kind of secular shift, maybe e-commerce or something like that?

Just trying to understand your view, if you think there is an underlying shift in the market or the freight dynamics.

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

Yeah, I don't think there's necessarily a big underlying change. The big picture changes that we feel like length of haul will probably shorten and that will continue to see improvement in our regional business. But we still have a very high-quality long-haul and medium-haul business. And I mean, I would say over the past 12 months, really since the COVID impact on the mix of our business that we've probably just seen a little bit more market share and with our contractual business, and certainly saw more growth and -- for many periods out of the West right now. Our growth is very balanced across all of our regions. But a lot of times the freight coming out of the West will have a longer length of haul associated with it. So, we've seen tremendous growth there and that's probably been causing a little uptick. But, long term, when we think about that continued shift in tailwind that we believe exists with e-commerce freight, we'd expect to see that market share in those regional lanes continue to increase, and it'll probably pull the length of haul back down with it.

Allison Landry -- Credit Suisse -- Analyst

Okay. So, length of haul will come down probably over a time, and then right now just seems to be more than extra [Phonetics], that is -- is that the way to characterize it, that's there?

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

Exactly.

Allison Landry -- Credit Suisse -- Analyst

Okay. And then just, I mean on the labor front, I mean, obviously, everyone's having challenges as far as hiring drivers, and dock workers, warehouse, and all that. I mean is it -- are you guys finding it more difficult than you've seen in past cyclical upswings or even tight capacity conditions that -- where you're sort of falling behind plan, and in terms of where you want to be for hiring or are you guys able to meet that? And maybe, if you could speak to just the broader wage inflation and your expectations there? Thank you.

Greg C. Gantt -- President and Chief Executive Officer

Yeah, Allison, I would say it's definitely a little more difficult than it has been in years past. But we're having success, like I mentioned earlier, I wish sometimes, it would happen a little bit quicker than it does, but we are having success. We're adding where needed. In the locations, we're having job fairs and things like that, running ads, or whatever. We are getting a nice response. And again, we are having success meeting our needs. I wish it was a little quicker. We've had a pretty significant uptick in business when, as Adam mentioned, talking about April, 45% to 50% increase, be it, we were down last year. Still, that's a pretty significant uptick in business and the difficulty is meeting the needs as quickly as the business is coming at you. So, I think that's the challenge. But again, I think we're doing well. We just have to stay focused on it and get the folks on board, which I feel confident we'll be able to do so.

I do not think that will limit us going forward.

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

And on the labor inflation standpoint, we gave our weight increase in September of last year. We would not expect, or we are seeing the effects of that, and that was part of that overall core inflation of 4% to 4.5%. So, that was probably all in 3% to 3.5%. So, we're seeing that until September of this coming year, on just pure inflation standpoint. But we are continuing to use the purchase transportation though, and that amount stayed pretty much in the same range as where it was in the fourth quarter. And we talked about hoping to see that number decline as we progress through the second quarter. And at this point, it's staying at the same level. So, we'll keep using that to supplement the workforce until, really, we're in position to be able to handle anticipated growth with our complete team, everything in-sourced, where we would like it to be. But that's probably we'd expect to still see PT decrease in the second half, but just maybe a little bit later in the year. But really, the goal will be getting the workforce where it needs to be, not only for this year, but really just gearing up in preparing for '22.

Allison Landry -- Credit Suisse -- Analyst

Okay. That's great. That's very helpful. Thank you.

Operator

We'll take the next question. It comes from Chris Wetherbee from Citi. Please go ahead.

Chris Wetherbee -- Citi -- Analyst

Yeah. Hey, thanks. Good morning, guys. Maybe, just want to pick up on the pricing side. Can you talk a little bit sort of contractual pricing renewals, where that's coming in? I know you guys are making some efforts to keep some of the truckload business out of the network, but obviously, a strong overall freight environment right now. So, kind of just curious if you could give us a little bit of color, how those numbers are trending?

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

Yeah. That was probably long-winded in my initial response, but we're coming right in where we would want to be and consistent with how we've trended over many years because we've had a long-term consistent process and we've averaged an increase in our revenue per shipment of about 4.5%, and that is a target over our cost inflation of 75 basis points to 100 basis points. So certainly, the strong demand is when you've got a yield management process that focuses on individual account profitability. In a demand environment like this, we've got to think about opportunity cost with how we allocate capacity, and then certainly, when you've got accounts that may not be the best performing from an operating ratio standpoint, then we try to work through those as those accounts may be asking for more capacity from us. And so, certainly, would try to get a little more in an environment like this when we may not be able to get as much in environments that are a little bit weaker.

But core increases are going well. We're seeing good increases as the contracts are coming up, but that's what we shoot for, year in and year out. We, I think have a differentiated approach, where we tried to be consistent year-in and year-out with our customers and talk about the cost inflation that we're experiencing, and the increases that we need to offset that inflation. But again, also supporting the continuous investment in capacity that we're making on behalf of our customers. So, that's all going well right now, and certainly, the environment is very supportive of our pricing initiatives, this year.

Chris Wetherbee -- Citi -- Analyst

Yeah, it certainly seems like the case. And then just picking up on what you just mentioned in terms of the capacity additions and maybe some of the real estate opportunities that you guys are looking at this year, are those becoming more and more challenging? Is it difficult to continue to sort of keep that, that sort of physical footprint capacity growth in line with what you'd want it to be just given, it's obviously a very strong demand environment that we're seeing, but obviously, sort of tightness kind of across the base and commercial industrial real estate. Just kind of curious how you guys are seeing that process playing out and do you see any maybe potential inflation grouped [Phonetics] into those numbers? Are you OK with where you are?

Greg C. Gantt -- President and Chief Executive Officer

Chris, that's a great question, and thank you. If you recall, we've talked a lot about that over the last several years, and it is definitely more difficult and much more challenging today to increase that footprint on the real estate side than it used to be. But we worked extremely hard at it, we've got a very active real estate department that is searching where we know we have needs, and we're trying to anticipate our needs as best we can. We're doing that and we're having some success. And I've mentioned it, even in the past, there are some parts of the country that are much more difficult than others, and you just have to work harder at it, in -- for those places than you do in some of the other middle-of-the-country type, more rural areas. So again, I think we're having the success that we need, be it more difficult. And it's, obviously -- it's more expensive. Thank you. You've heard our numbers, we're talking about $300 million real estate capital expenditure budget this year and a lot of that is because of the inflation that we've seen related to real estate. So it's not -- certainly, if we were doing this year what we did maybe 10 years, 15 years ago, the number wouldn't be anywhere near that. So, there is definitely some inflation layer.

But again, we're having success. I feel good about it. It's just a little more costly than it used to be. And certainly, you have to work harder at it.

Chris Wetherbee -- Citi -- Analyst

Yup. Okay. That's very helpful. I appreciate the time this morning. Thank you.

Operator

Our next question comes from Jon Chappell from Evercore. Please go ahead.

Jon Chappell -- Evercore ISI -- Analyst

Thank you. Good morning. Greg, you had mentioned, I think, in answer to one of the earlier questions about limiting some of the TL business out of your network. And we're certainly seeing a lot of headlines on some traditional TL tonnage going into the LTL networks. That -- can you -- is there any way to quantify how much of your tonnage growth has been what you would consider, kind of, traditional TL? And then, also, what's the stickiness of this freight? Is that something that comes on for the time being to the extent that you will enable it to come on and you can get a better price for that? Or is that something that you can actually turn on a longer duration, maybe, contractual basis to add to your growth?

Greg C. Gantt -- President and Chief Executive Officer

It's not sticky at all, Jon. That business is about as slippery is it gets. It will move between truckload and LTL depending on the capacity that the truckload market has at the time. So, it's very slippery, it comes and goes. And that's why we certainly don't want to load our network down with truckload type shipments when we certainly feel like we've got obligations to service our normal regular LTL type business. So, we will try to continue to try to manage that as long as we have a need to manage it. So, as far as how much that amounts to, I don't know. Adam, you've probably got a better feel for that than I do.

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

Yeah. It's been something where a lot of those shipments end up coming through our spot quote network, and spot quote type business, and other volume shipments. In the past, they've been anywhere from 3% to 5% of our revenue. Right now, they're probably only 1% to 2% of revenue. So, we've certainly have seen a decrease. Now, with that said, some of those -- some shippers, especially the larger accounts, when our weight per shipment increased last year, they just moved heavier type shipments on their contractual rates. So, some of that is transparent to us that a customer may have tried to move a 6,000-pound shipment via truckload if they could have found a carrier that may have performed a multi-stop for them. So, it's not always clear, but what's clear is just us trying to understand all of the freight movement characteristics, the costing for each shipment and the revenue that we need to have on each shipment that we move.

Jon Chappell -- Evercore ISI -- Analyst

Yeah, that makes sense. And then, as a follow-up, and a follow up to Chris'. In early February, you've mentioned plans to open two terminals to three terminals in 1Q, hopefully, six or so through the rest of the year. And then, just given some of those commercial real estate challenges and, Greg, your comment on having to work harder, do you get to the point where, maybe, you look outside of organic growth? And there's kind of inorganic ways to make up for some of that growth at a time when most of your competitors are standing still, if not even contracting?

Greg C. Gantt -- President and Chief Executive Officer

So, Jon, no. We, like I said, we're having success. And the service centers that we've got planned for this year, they're well under way. They're not -- they're not at the point where we're trying to find real estate and build, if we've talked about opening four, six, or whatever it is, you can be sure of those. Those are well under way or we wouldn't be talking about them, yeah.

We do have a lot of places that we're still acquiring real estate and making plans, and whatnot. But those are well under way. And again, as we talked about before, we feel like there is a lot of growth opportunity left in the year on the LTL side and that's what we're trying to do. That's what we've talked about now for years. That's our plan, that's our strategy, and we'll continue to execute on that going forward.

Jon Chappell -- Evercore ISI -- Analyst

Great. Thank you, Greg. Thanks, Adam.

Operator

We'll take the next question at this time. It comes from Todd Fowler from KeyBanc Capital Markets. Please go ahead.

Todd Fowler -- KeyBanc Capital Markets -- Analyst

Great. Thanks and good morning. I know you touched on this kind of a couple of different ways throughout the call. But thinking about the weight per shipment right now, at around 1,600 pounds, it's down from where it was in the second quarter of last year, but it's still above where you had been trending in '17 and '18, and even into '19. So, how do we think about kind of your freight basket as to kind of back to pre-pandemic levels, or are there still pockets that you know, of customers, that haven't come back, or is there any shifts that are happening within the mix to see the weight per shipment works out right now?

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

So, I think that the 1,600-pound range, where we are, I think really reflects the strength of the economy. Typically an increase in weight per shipment goes hand-in-hand with an improving economy. And to think about what I just mentioned, with the decrease in the number of spot quote shipments, oftentimes, those spot quote shipments are averaging 8,000 pounds to 10,000 pounds. So, when you've got that mix of business that has now shifted into -- or percentage of business, rather, that's shifted into our 559 [Phonetics] tariff-based customers and our larger contractual customers, I think it just reflects the underlying strength in [Phonetics] demand for our customers' businesses. But, we've seen really good performance with our smaller accounts in recent months. Our tariff-based business has continued to improve as a result and actually is trending slightly ahead as a percent of overall revenue than where we were pre-pandemic.

And then, our contractual accounts, which have performed well for us all last year, are continuing to perform strongly as well. And so, they actually are picking up a little bit more as well. And we're just seeing a higher balance in both of those categories versus that decrease in the mix from the spot quote. So, it's good to see, across the board, that when we look at our accounts and think through that, the increase in weight per shipment kind of goes hand-in-hand with the feedback that we're getting from our sales team that our customers' businesses are improving. And there is just increased demand for widgets out there that's creating freight opportunities for us. And certainly, we're taking advantage of that opportunity with our market share improvement.

Todd Fowler -- KeyBanc Capital Markets -- Analyst

Yeah, OK, Adam, that makes sense. So, it sounds like that the mix has normalized and your change in weight per shipment is more a function of the economy, at this point than kind of big shifts in the customer base right now?

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

Yup.

Todd Fowler -- KeyBanc Capital Markets -- Analyst

Okay. And then, just a follow-up. Would you care to share kind of any expectations around headcount growth, either sequentially into the second quarter, or kind of what your thought process would be for the full year? I know you shared some expectations in the first quarter. I mean, it obviously sounds like you're trying to catch up and ramp up on the headcount side. So, if you have any kind of overall numbers that would be great. And then, also thoughts around productivity. I think that, historically, maybe it's been six months to nine months to get new employees up to a level of efficiency, have more experienced hires. Is that kind of the right way we should think about this cycle? Are there any things that would impact that? Thanks.

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

Yeah. On the average headcount side, in the first quarter, sequentially, we were up 4.3% versus fourth quarter. And typically, our headcount is pretty flat. So, there was a big increase in shift there. And it reflect in the success and the programs that Greg mentioned. Our HR team has done a really great job of continuing to bring people on board and get them ready for the acceleration in freight that we typically see through the second and third quarters. You know, on average, second-quarter headcount is normally up a little over 2% for us. The biggest year we ever had was in '14. Again, another strong period, headcount was up 5% that year, in the second quarter. And I think, we're going to see probably a number more like that. We're still trying to catch the curve, if you will, with the growth that we're seeing and still having to make use of some purchase transportation, as I mentioned. So, I mean, I would expect to see that we're on the high-end of that scale, and possibly, even exceeding that on that 5% metric, in terms of the sequential change from first quarter, second quarter.

And the productivity that you mentioned, like we mentioned in our prepared remarks, especially on the dock, it's pretty typical to see a loss of productivity, but it's certainly more important to make sure that the team, as they come in new, they're learning, they learn our ways for claims prevention. They're following our safety protocols, and so forth. And we're trying to maximize the loads that we're moving our line-haul cost or the biggest cost element that we pay. So, we've got to make sure that we're properly loading these trailers to maximize the overall efficiency of the operation. And so, certainly, that's something that we'll continue to experience as we're increasing headcount, but when we've got the top-line revenue growth, that gives us a little covered offset, you know, maybe some of this higher cost inflation that we're seeing.

Todd Fowler -- KeyBanc Capital Markets -- Analyst

Yeah, understood. Thanks for the time this morning, guys.

Operator

We'll take the next question at this time. It comes from Ari Rosa from Bank of America. Please go ahead.

Ari Rosa -- Bank of America -- Analyst

Hi. Good morning, Greg and Adam. Nice quarter. So, for my first question, I wanted to ask about salaries and benefits' line. It was the best quarter as a percent of revenue that it's been in a number of years, as far as I can tell. And I know, last year, you had some special bonus payments that it sounds like probably won't be recurring this year. And if I look at average salaries and benefits expense per employee, it's took -- took a step down, sequentially. And I assume that's related to some new hiring which presumably is coming in at slightly lower wages. So I guess, my question is: when I think about comp per employee, can you stay in this range, sequentially? Or does it take a little bit of a step-up, given, given some of the wage inflation pressures that we're seeing and some of the challenges that other LTL carriers we've spoken about with regard to hiring?

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

You know, I think going back to just pure comp per employee, again, we gave the wage increase last year of between 3% to 3.5%. I think that when you start looking at things on a year-over-year basis, all of the comparisons in the second quarter are going to be pretty unusual. But we're going to have higher cost related to group health and dental benefits. I think that we'll see our benefit cost per employee, some acceleration there, as we progress. We had a pretty good performance of those fringe benefit cost as a percent of normal salaries and wages in the first quarter. We were about 33% -- 33.2%, and so, that was a good performance when we were anticipating somewhere more like 34% for this year, 34% to 34.5% was kind of my initial forecast. And so, we saw a good performance there. I think that it's possible that we'll continue to see some inflation there.

The other factor is, we're certainly seeing inflation when it comes to performance-based compensation that we have. With our improving financial results, we're going to see increases there as well. And that's something that really gets back to when we talk about our focus for hiring people, it all starts with our Company culture and the family spirit that we have, that certainly has made it easier to both attract and retain employees. But the connection to the financial performance in that direct length of the engagement of employees with connecting the Company's financial success to their personal success through improved wages and benefits, and contributions into our 401(k) retirement program, those are all things that helped keep driving the performance of the Company.

So, those will continue to increase as the financial performance, both revenue and the income, are increasing as well. But, I think we're in a great spot and to keep getting some leverage if we see that salary wages and benefits line, there should be some natural inflation there too as we in-source and reduce our reliance on purchase transportation. So there should be some corresponding decreases once we kind of catch back up to the curve there. So multiple factors that it's going to be driving that number for us.

Ari Rosa -- Bank of America -- Analyst

Got it. Understood. That's very helpful. And then, just my second question: you had mentioned this -- that'll give 25% available capacity. Obviously, that -- it implies a lot of room to grow. And as I think about the step-up in capex, that's expected. Kind of, maybe, if you can help contextualize what that 25% available capacity means in terms of your ability to grow sequentially from these levels? I think a lot of transport companies spoke about first quarter being a little bit challenging given weather-related obstacles to moving freight?

You know, as we think about -- forget the year-over-year comparisons, but just sequentially, from here, how much -- how much room is there to kind of outgrow what the normal sequential pattern has been?

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

That 25% reflects the door capacity that we have in our network. In an LTL network, it's the doors that is required to process freight. And, it's obviously, very critical in a long-term investment, in a long time, to expand capacity, as we've discussed earlier on the call. So, that's something that we always have to stay focused on. And we feel like far ahead of our growth curve to make sure the network is never a limiting factor to us. So -- but that's one of three key elements of capacity within LTL.

Next would be on the fleet side and I feel like we're in a really good spot based on where our fleet is, and the ability to handle the freight that we have today, as well as the ongoing increases that we would be anticipating this year in coordination with the $290 million capex spend that we have planned for equipment this year. So, I feel like our fleet;s in a really good spot. And obviously, you don't want to carry that much excess capacity, like we do, on the net -- on the service center network side in your fleet. There is higher depreciation per unit cost there, you want to have enough to be able to handle the peaks at the end of the month and end of quarters, and to be able to accommodate growth. But you don't maintain that same excessive level. And then, finally, and most importantly is the people capacity. And certainly, that's something that we manage more in relation with revenue and volume trends and it's something that we're constantly balancing here. And the lever we pull, like we're pulling right now when we're a little short, is we make use of purchase transportation and we'll continue to do that until we complete the additions to the team that this sort of catch up with the freight volumes that we're currently experiencing.

So, we're in a good spot across the board and I think we've got a good plan, a very detailed plan, and it's different by service center and by region for how we're continuing to add drivers and platform employees to the team to continue to handle the accelerating volumes that we're seeing.

Ari Rosa -- Bank of America -- Analyst

Okay, understood. Thanks for the time.

Operator

We'll take the next question now, it comes from Scott Group from Wolfe Research. Please go ahead.

Scott Group -- Wolfe Research -- Analyst

Hey, thanks. Good morning, guys. Adam, can you just talk about the impact of higher fuel and what it means for top-line, bottom-line incremental margin this year?

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

Well, obviously, from a top-line basis, it's finally going to be turning for us in the sense of, for most of last year, we faced the headwind with fuel prices being down. In March, it turned, if you will, and at this point, we're looking at fuel prices that are about 25% or so higher than where they were in April of last year. So, that'll be a good thing from a topline standpoint for us.

From a bottom-line standpoint, much like we talked about last year, we try to have our fuel scales, both for our own internal scale as well as the scales that many of our larger contractual accounts have within their contracts to be somewhat neutral, whether fuel is going up or down, and we stress test those, but we didn't really talk too much about it last year. We felt -- when it was decreasing, we felt like we would minimize the effect on the bottom-line based on the lower end of the fuel scales. And certainly, now that it's showing a year-over-year increase, we'd hope to minimize the effect on the bottom-line, as well. But, just keep managing through that on a customer-by-customer basis and looking at what the revenue inputs are and the cost inputs are to maximize profitability.

Scott Group -- Wolfe Research -- Analyst

Okay. And then, just a longer-term question. What, if anything, are you guys doing as it relates to electric and autonomous trucks? You see any use cases for either over the next five years or so?

Greg C. Gantt -- President and Chief Executive Officer

Yeah. Sure, Scott. We were actually in the process of making a couple of purchases to do some testing. We still, from everything we see and hear, that technology is not where it needs to be to help us at this point. But we are going to test some electric vehicles, be it switchers, be it trucks, or -- and/or forklifts. So, that's in the process as we speak. But, again, I don't see any impact of that in the near future.

Scott Group -- Wolfe Research -- Analyst

And autonomous?

Greg C. Gantt -- President and Chief Executive Officer

Any impact I'm seeing from -- [Speech Overlap]

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

That's electric.

Greg C. Gantt -- President and Chief Executive Officer

Yeah, I mean, that on the electric side, right.

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

Yeah, on the autonomous piece, that's something that we feel like that technology is continuing to develop and we'll continue to look at things from a regulatory standpoint. I don't know that we ever -- it's hard to envision seeing a driverless vehicle on the roads, sharing the roadways with passenger autos, but we think that as the technology improves that -- that it will continue to drive improvements in safety, and certainly could drive some incremental benefit as well. But the technology may get there before it's really allowed from a regulatory standpoint. But something that we'll continue to watch, and obviously, is -- I think we've got one of the youngest fleets in the industry, and are investing year-in and year-out. We always want to look at whatever safety or efficiency tools are available to us and we've got the financial strength and ability to invest as those become available, and we feel like are practical to implement within our operation, and certainly, we would be on board with. We're taking advantage of whatever opportunities the manufacturers can come up with.

Scott Group -- Wolfe Research -- Analyst

Thank you, guys.

Operator

The next question comes from Tom Wadewitz from UBS. Please go ahead.

Tom Wadewitz -- UBS -- Analyst

All right. Yes, good morning. So, I just have two questions for you. One, you commented about that -- the very strong, I think you said, I don't know, 45%, 50% revenue per day growth in April. Are the comps much different in May and June, or do you think that commentary on April kind of could be representative of the quarter?

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

April was definitely the worst period that we experienced last year. That was the biggest drop. It was just like Freight, and revenue levels fell off a cliff, and once things reset, we had a pretty good recovery in sequential increases, for the most part, that point forward. But from a revenue trend standpoint, in April, we were down 19.3% on a per-day basis, like I mentioned. In May, we were down, May of '20, we were down 16.2%; in June of '20, we were down 11.5%. So each month, the change, I guess the comp gets a little more difficult, but just reflects the sequential improvements that we saw. Overall revenue for the quarter was down 15.5%, second quarter of '20.

Tom Wadewitz -- UBS -- Analyst

Yeah. Okay, that's good. That's helpful. Thank you. Greg, if I look back at periods when you've had kind of peak-ish [Phonetics] tonnage growth, it seems like you've gotten a couple of times up to maybe 15%, year-over-year tonnage growth. Is that possible you'd achieve that this year? I mean, you've got obviously a super-easy compare in second quarter. I know you talk about the 25% door capacity, but obviously, you've got the other two elements that Adam highlighted. So, is it feasible to get to a mid-teen type of tons growth this year, or is that hard to achieve for people, loader [Phonetics] trucks, or whatever?

Greg C. Gantt -- President and Chief Executive Officer

Yeah. 15% tonnage, Tom, that's -- that's pretty steep. I'm not sure I recall those days, maybe my memory's been slipping [Phonetics]. We had eight to 15 in 2018. But anyway, that's [Speech Overlap] we will see it, obviously, in the second quarter when we were so far back in 2020, but I'm not sure that once we get back to normal type comparisons, we're going to see that kind of growth. That's probably a stretch.

Tom Wadewitz -- UBS -- Analyst

Thank you.

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

And to be clear to you on that [Technical Issues] 15% [Phonetics] capacity, that's another year-over-year growth. I mean that's -- that's capacity from the freight levels there [Technical Issues] that we were handling, here in March, in the first quarter. Incremental growth on top of that, while we're also continuing to expand every day.

Tom Wadewitz -- UBS -- Analyst

When you say that's hard to achieve, I think you did it in 2014 and 2018. You were probably close in '10 and '11. Is it just people, Greg, or what's the reason that you couldn't do, or it would be tough to do 15%?

Greg C. Gantt -- President and Chief Executive Officer

Yeah, it's hard to ramp up, Tom, at that pace. I mean, obviously, if we knew we were -- we were anticipating that, if that was realistic, then it would certainly be more realistic. But, I'm not sure we'll see that type -- those type of numbers. I'm not sure the economy is quite that strong. While things are certainly good and positive, that 15% is a bit over where we are today.

Got to remember, like, we've -- [Speech Overlap]

Tom Wadewitz -- UBS -- Analyst

Okay.

Greg C. Gantt -- President and Chief Executive Officer

We just came off the high [Speech Overlap] I just wanted to mention, reiterate, we came off the highest revenue quarter we've ever had in the first quarter. So, you're talking about big numbers, bigger numbers on top of big numbers, if you will.

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

And he's been, obviously, ignoring the year-over-year comp, that's much easier.

Greg C. Gantt -- President and Chief Executive Officer

Again, second quarter, yeah, we'll -- we'll have some impressive numbers. I would certainly expect, but -- we get into, like I said, more normal comparisons, I don't think we'll see that.

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

The first and fourth quarters are more normalized versus the middle part of the year, where we've got some easier comps.

Tom Wadewitz -- UBS -- Analyst

Okay. Yeah, great. That's helpful. Congratulations on a great quarter.

Greg C. Gantt -- President and Chief Executive Officer

Thanks.

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

Thanks, Tom.

Operator

We'll take the next question. It comes from Jordan Alliger from Goldman Sachs. Please go ahead.

Jordan Alliger -- Goldman Sachs -- Analyst

All right, yeah. Just a big picture question. With all the strength in LTL, as you mentioned, obviously, pricing is great, demand is extremely strong, OK. Given what you're doing from a capacity standpoint or with your cap spending, I mean, is there some concern or is there some -- I mean, do you see the industry trying to add capacity, broadly? If not just the potential public guys, but sort of, maybe, the private LTL players too? Is there a broad scramble to increase industry capacity right now?

Greg C. Gantt -- President and Chief Executive Officer

I don't know that we've seen that, Jordan. I don't know that we've seen that at all. I expect some of them were trying to do something, but we haven't seen a whole lot of movement for the most part.

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

We see, you know -- every now and again, you'll see some carriers adding a terminal here and there, but like I mentioned earlier, when we look over a longer period of time, the reality is the -- there has been more of a decrease in the number of service centers in operation around the country versus we obviously have been focused on increasing, and we're doing that because of the market share opportunities that we continue to believe that are out there. And certainly, we're positioned better than anyone with the service levels that we offer, the total value proposition, and we feel like that in this environment, more shippers are focusing on value. That's certainly what we sell and there is a value to Old Dominion services as well as the capacity.

The -- our customers right now are certainly benefiting from the fact that we've made all of these capacity investments and they've got contracts in place with us. And we certainly can continue to handle increased levels of business with them, and we're getting the feedback from customers that many of our competitors are not able to handle some of the acceleration that they're seeing in their business. So, that too, as we have seen in the first quarter, and that's continuing where that capacity advantage is certainly driving freight our way. So, anecdotally, feedback that we're getting from customers as well as -- just what we see, in terms of total service centers in operation, on average, they are down and we are benefiting from that at a time when we think the industry continues to have tailwinds. And that's just creating more and more opportunity for Old Dominion.

Jordan Alliger -- Goldman Sachs -- Analyst

Thank you.

Operator

Our next question comes from Ravi Shanker from Morgan Stanley. Please go ahead.

Ravi Shanker -- Morgan Stanley -- Analyst

Thanks. Good morning, gents. Greg, your initial comments on market share, I don't think I've heard you sound as explicit or as aggressive on the share gain opportunity as you did, which is obviously great to hear. But can you just kind of unpack that a little bit? Is that something to do with the kind of structural changes in the industry you've seen over the last couple of quarters? Do you feel like some of your competitors, they are more vulnerable? Is it a function of the cycle where it is? Is it some kind of internal change and go-to-market strategy or messaging? Kind of, what drove that?

Greg C. Gantt -- President and Chief Executive Officer

Yeah. Now, I don't think it's a change in strategy at all, as this is the strategy we've been talking about for a long time, and like I mentioned before and we've talked about over the years, we will grow more when the economy is strong and when our competitors capacity is as limited as it appears to be, then the customers come to us. And that's what we've seen happening in recent months. And I expect that we will certainly have much a stronger growth than most and all of our competitors. So, we're waiting to see, but it's not anything that we've done to change, it's just the continued execution of the strategy that we set forth, back some years ago. And like I said before, we are executing and having success doing so.

I feel good about where we are and the things that we've done. And now is the time when it starts to pay off for us. So, yeah, pretty positive from that standpoint for sure.

Ravi Shanker -- Morgan Stanley -- Analyst

Understood. And if I can follow up on the labor question which you've hit a few times, and I think you even hit the autonomous truck question once, but if I can just keep on that topic. What's the opportunity for automation on some of the other kind of labor parts of the business? Kind of on the dock and the terminal side, rather than the autonomous driving side, which I think, it now [Phonetics] should be here, in that, which order? [Phonetics]

Greg C. Gantt -- President and Chief Executive Officer

I assume you're talking about robots and that kind of thing?

Ravi Shanker -- Morgan Stanley -- Analyst

Yeah, I'm saying that have you done any studies, or is there any opportunity at all to increase kind of automation on? Yes, things like robotic forklifts and -- or things like that that could help you load the trucks and reduce the need for labor intensity there?

Greg C. Gantt -- President and Chief Executive Officer

Not that we've seen, not at this point in time.

Ravi Shanker -- Morgan Stanley -- Analyst

Okay. Got it. Thank you.

Operator

There are no more questions in the queue. And I'd like to turn it back over to you for any closing remarks.

Greg C. Gantt -- President and Chief Executive Officer

Okay. Thank you, thank you all for your participation today. We appreciate your questions. Please feel free to give us a call if you have anything further. Thank you and have a great day.

Operator

[Operator Closing Remarks]

Duration: 69 minutes

Call participants:

Drew Anderson -- Senior Director, Product Management

Greg C. Gantt -- President and Chief Executive Officer

Adam N. Satterfield -- Senior Vice President-Finance, Chief Financial Officer and Assistant Secretary

Jack Atkins -- Stephens -- Analyst

Amit Mehrotra -- Deutsche Bank -- Analyst

Allison Landry -- Credit Suisse -- Analyst

Chris Wetherbee -- Citi -- Analyst

Jon Chappell -- Evercore ISI -- Analyst

Todd Fowler -- KeyBanc Capital Markets -- Analyst

Ari Rosa -- Bank of America -- Analyst

Scott Group -- Wolfe Research -- Analyst

Tom Wadewitz -- UBS -- Analyst

Jordan Alliger -- Goldman Sachs -- Analyst

Ravi Shanker -- Morgan Stanley -- Analyst

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