Old Dominion Boosts Third Quarter Profit Nearly 18%
October 24, 2013
The less-than-truckload carrier Old Dominion Freight Line has announced revenue of $616.5 million for the third quarter of this year, a 12% increase from $550.5 million for the third quarter of 2012.
Net income increased 17.8% to $60.1 million during the same time from $51 million, while Old Dominion's operating ratio improved to 84.1% for the third quarter of 2013 compared with 85.3% for the third quarter of 2012.
For the first nine months of 2013, revenue was $1.75 billion, up 9% from $1.6 billion for the first nine months of 2012. Net income increased 22.3% to $159 million for the first nine months of 2013 from $130 million for the same period in 2012, The operating ratio for the North Carolina-based fleet improved to 85% for the first nine months of 2013 from 86.4% for the first nine months of 2012.
“Our results reflect our ongoing ability to win market share and increase revenue despite a period of slow economic growth, said David S. Congdon, ODFL president and CEO of Old Dominion "Our revenue growth for the quarter was driven by a 9.6% increase in total tons, or a 7.9% increase in tons per day, and a 3.3% increase in revenue per hundredweight as compared with the third quarter of 2012.
He noted ODFL opened new service centers in Crest Hill, Illinois and Rapid City, South Dakota and continuees to add network capacity in anticipation of future growth by relocating and expanding three service centers during the quarter.
More details about ODFL’s third quarter financial performance are on its website.