Trucking company Old Dominion Freight Line saw its first quarter-over-quarter decline in revenue since 2016 when the company released its third quarter earnings results Thursday morning.

“Old Dominion’s financial results for the third quarter of 2019 reflect the challenging operating environment,” said Greg Gantt, CEO of Old Dominion Freight Line.

Total revenue for the third quarter was reported at $1.05 billion, missing the average estimate of $1.06 billion.

Net income also missed analysts’ estimates. The company recorded net income of $164.1 million, down from $173.4 million in the previous-year quarter.

Old Dominion reported third quarter earnings per share of $2.05 compared with an average analyst estimate of $2.11 according to data compiled by Bloomberg.

The decline this quarter is partly due to a sluggish domestic economy and low demand the company said.

“We will continue to focus on managing the fundamental aspects of our business that we can control and adhere to a proven business model that has served us well throughout many economic cycles,” Ganntt said in the statement.

Old Dominion provides regional and national trucking services. Shares of Old Dominion Freight Line traded at $182.46 on Thursday, down 52 cents.