Revenue growth was driven by a 9% increase in tonnage compared with the Q2 2011. The company attributed this increase to an 8.6% increase in shipments and a 0.4% increase in weight per shipment. Revenue per hundredweight went up 3.4% for Q2 2012 when compared with Q2 2011. Excluding fuel surcharges, revenue per hundredweight was up 4.1%. Old Dominion said it achieved this despite a 1.4% decline in its length of haul.
Company officials said ODFL was able to boost productivity, with efficiency gains in its linehaul, pickup, and delivery and platform operations. In addition, Old Dominion reported it improved its cargo claims ratio for Q2 to a new company record of 0.38% while maintaining its 99% on-time service.
Capital expenditures for Old Dominion in Q2 were $120.6 million. This amount included costs associated with opening a new service center in Benson, Minn, which brings the company's total capital expenditures for the first part of 2012 to $210 million.
Even with these investments, Old Dominion said its ratio of total debt to capitalization improved to 22.3% at the end of Q2 from 22.5% at the end of the first quarter of 2012, and from 25.4% at the end of Q2 2011.