Old Dominion Posts Record Revenue, Earnings
July 20, 2000
Old Dominion Freight Line, an inter-regional and multi-regional LTL carrier based in High Point, NC, posted second quarter 2000 revenue of $120.1 million, up 13.1% from $106.2 million in second quarter 1999, and net income of $4.6 million, up 7.3% from $4.3 million.
For the first six months of 2000 revenue was $232.9 million compared to $205.5 million last year. Net income was $6.9 million, up from $6.7 million last year. The company’s second quarter operating ratio was 92.8% versus 92.7% a year ago. Its operating ratio year-to-date is 94.3% compared to 93.6% for the first half of 1999.
Old Dominion has met its target range of 10% to 15% revenue growth through the first half of the year, noted Chairman and CEO Earl Congdon. “We expect to continue to generate revenue in that range for the second half of the year, and we are focusing on improving the company’s operating ratio as well.”
On January 1 the company implemented full-state coverage in 16 states within its existing route structure and has since increased full-state coverage to 21 states east of the Mississippi.