The less-than-truckload carrier Old Dominion Freight line has reported net income for the final quarter of 2014 rose 48.2% to $69.9 million from $47.2 million a year earlier.
Earnings per diluted share were 81 cents, an increase of 47.3% from 55 cents for the same prior-year quarter while revenue increased 21.7% to $721 million from $592.5 million.
The company's operating ratio improved to 84.4% for the fourth quarter of 2014 from 87% for the fourth quarter of 2013.
Revenue for 2014 increased 19.3% to $2.79 billion from $2.34 billion for 2013. Net income grew 29.8% to $267.5 million from $206.1 million. Earnings per diluted share for 2014 increased 29.7% to $3.10 from $2.39, while its operating ratio improved to 84.2% from 85.5% for 2013.
"Old Dominion completed another year of outstanding performance with fourth-quarter results that included accelerated growth rates for revenue, tonnage and earnings per diluted share," said David S. Congdon, president and CEO of the North Carolina-based operation. "The company's strong financial results for the quarter reflect improved freight density and yield.”
LTL tons per day increased 19.8% for the fourth quarter on a 17.1% increase in shipments and a 2.3% increase in weight per shipment. LTL revenue per hundredweight increased 1.5% despite the decline in fuel surcharge rates, decrease in length of haul and increase in weight per shipment. Excluding fuel surcharges, revenue per hundredweight increased 3%, as the pricing environment has remained favorable, according to the company.