Old Dominion Freight Line Inc. has announced financial results for the fourth quarter and year ended Dec. 31, 2002.
For the quarter, revenue from operations increased 20.3% to $149,712,000 from $124,404,000 for the fourth quarter of 2001. Net income increased 31.7% to $5,463,000 from $4,148,000, and earnings per diluted share were $0.57 -- up 14.0% from $0.50.
Old Dominion's operating ratio improved to 93.0 for fourth quarter of 2002 from 93.7 for the fourth quarter of 2001. The company's financial results for the fourth quarter of 2001 included after-tax gains totaling $1,713,000, or $0.21 per diluted share, from the sale and disposal of operating and non-operating real estate.
Excluding these gains, net income increased 124.4% in the fourth quarter of 2002 compared to the prior-year comparable period.Commenting on the announcement, Earl E. Congdon, chairman and chief executive officer of Old Dominion, said, "The fourth quarter capped a year of strong performance for Old Dominion, as we executed well against our principal growth strategies. Our growth for the fourth quarter was driven by a 17.4% increase in LTL shipments and a 4.2% increase in revenue per LTL shipment. Because this increased volume occurred largely within our existing service center network, we achieved significant operating leverage for thequarter, as is evident in the improvement in our operating ratio compared with the fourth quarter of 2001.
"For the fourth quarter, we also benefited from increased freight volume associated with the bankruptcy of Consolidated Freightways on September 3, 2002. This volume contributed to our revenue growth above our long-term annual goal of 10% to 15%, and we currently expect to continue to benefit from this reduction in industry capacity through the first half of 2003, before resuming growth within our targeted range in the second half of the year."
For the quarter, revenue from operations increased 20.3% to $149,712,000 from $124,404,000 for the fourth quarter of 2001. Net income increased 31.7% to $5,463,000 from $4,148,000, and earnings per diluted share were $0.57 -- up 14.0% from $0.50.
Old Dominion's operating ratio improved to 93.0 for fourth quarter of 2002 from 93.7 for the fourth quarter of 2001. The company's financial results for the fourth quarter of 2001 included after-tax gains totaling $1,713,000, or $0.21 per diluted share, from the sale and disposal of operating and non-operating real estate.
Excluding these gains, net income increased 124.4% in the fourth quarter of 2002 compared to the prior-year comparable period.Commenting on the announcement, Earl E. Congdon, chairman and chief executive officer of Old Dominion, said, "The fourth quarter capped a year of strong performance for Old Dominion, as we executed well against our principal growth strategies. Our growth for the fourth quarter was driven by a 17.4% increase in LTL shipments and a 4.2% increase in revenue per LTL shipment. Because this increased volume occurred largely within our existing service center network, we achieved significant operating leverage for thequarter, as is evident in the improvement in our operating ratio compared with the fourth quarter of 2001.
"For the fourth quarter, we also benefited from increased freight volume associated with the bankruptcy of Consolidated Freightways on September 3, 2002. This volume contributed to our revenue growth above our long-term annual goal of 10% to 15%, and we currently expect to continue to benefit from this reduction in industry capacity through the first half of 2003, before resuming growth within our targeted range in the second half of the year."
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