Old Dominion Freight Line Inc., Thomasville, N.C., said revenue from operations increased 27.9 percent to $275,076,000 for the third quarter from $215,117,000 for the third quarter of 2004.
Net income grew 30.5 percent to $15,935,000 from $12,215,000. Earnings per diluted share were $0.64 for the latest quarter, a 28.0 percent increase from $0.50 for the third quarter last year. Old Dominion's operating ratio improved to 89.5 percent for the third quarter of 2005 from 90.0 percent for the third quarter of 2004.
For the first nine months of 2005, revenue from operations was $776,192,000, up 29.4 percent from $600,015,000 for the comparable period in 2004. Net income increased 38.1 percent to $39,194,000 from $28,388,000 for the comparable 2004 period. Earnings per diluted share for the first nine months of 2005 increased 35.0 percent to $1.58 from $1.17 for the first nine months of 2004, and the operating ratio improved to 90.8 percent from 91.4 percent.
"Simply put, Old Dominion had a record-breaking third quarter," said Earl E. Congdon, chairman and chief executive officer of Old Dominion, "even though our results included the effects of Hurricanes Katrina and Rita, which reduced earnings by approximately $0.04 per diluted share. In addition to the growth in revenue, net income and earnings per diluted share to new records, our operating ratio of 89.5 percent for the third quarter improved to the best level we have produced in our 14 years as a public company. As a result, the company's net profit margin of 5.8 percent for the third quarter was the highest achieved in the last 14 years. Our performance for the third quarter also extended three other records that continue to differentiate Old Dominion in the less-than-truckload transportation industry. We have now produced 16 consecutive quarters of improvement in our operating ratio, as well as growth in net income at a rate in excess of 30 percent. In addition, revenue has now increased at a rate in excess of 20 percent for six consecutive quarters.”
Net income grew 30.5 percent to $15,935,000 from $12,215,000. Earnings per diluted share were $0.64 for the latest quarter, a 28.0 percent increase from $0.50 for the third quarter last year. Old Dominion's operating ratio improved to 89.5 percent for the third quarter of 2005 from 90.0 percent for the third quarter of 2004.
For the first nine months of 2005, revenue from operations was $776,192,000, up 29.4 percent from $600,015,000 for the comparable period in 2004. Net income increased 38.1 percent to $39,194,000 from $28,388,000 for the comparable 2004 period. Earnings per diluted share for the first nine months of 2005 increased 35.0 percent to $1.58 from $1.17 for the first nine months of 2004, and the operating ratio improved to 90.8 percent from 91.4 percent.
"Simply put, Old Dominion had a record-breaking third quarter," said Earl E. Congdon, chairman and chief executive officer of Old Dominion, "even though our results included the effects of Hurricanes Katrina and Rita, which reduced earnings by approximately $0.04 per diluted share. In addition to the growth in revenue, net income and earnings per diluted share to new records, our operating ratio of 89.5 percent for the third quarter improved to the best level we have produced in our 14 years as a public company. As a result, the company's net profit margin of 5.8 percent for the third quarter was the highest achieved in the last 14 years. Our performance for the third quarter also extended three other records that continue to differentiate Old Dominion in the less-than-truckload transportation industry. We have now produced 16 consecutive quarters of improvement in our operating ratio, as well as growth in net income at a rate in excess of 30 percent. In addition, revenue has now increased at a rate in excess of 20 percent for six consecutive quarters.”
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