Old Dominion Income Up Almost 30%
January 28, 2000
Old Dominion Freight Line, High Point, NC, reported record earnings for the quarter ended Dec. 31, 1999. For the quarter, revenue from operations was $112.3 million, a 12.9 percent increase from $99.5 million for the fourth quarter of 1998. Net income increased 54.6 percent to $3.5 million, while basic and diluted earnings per share increased 51.9 percent to $0.41 from $0.27 for the same period in 1998.
Revenue from operations for 1999 increased 11.3 percent to $426.4 million from $383.1 million in 1998. Net income was $14.4 million, up 29.5 percent from $11.1 million.
Earl E. Congdon, chairman and ceo, stated that “all four components of our growth strategy...contributed to our profitable growth for the fourth quarter and for the year.” He cited the company’s building its share of its existing markets, on-going efforts to improve revenue yield by providing top-quality service to customers that lead to pricing structures that improved margins, improving operating efficiencies and selective geographic expansion as key to producing consistent profitable growth.