Old Dominion Freight Line Inc. announced revenue for the third quarter increased 22.7 percent to $337,569,000 from $275,076,000 for the third quarter of 2005.

Net income for the third quarter increased 26.2 percent to $20,103,000 from $15,935,000. Earnings per diluted share rose 25.6 percent to $0.54 for the third quarter of 2006 from $0.43 for the third quarter of 2005. Old Dominion’s operating ratio improved to 89.1 percent for the third quarter of 2006 from 89.5 percent for the third quarter last year.
For the first nine months of 2006, revenue was $960,012,000, an increase of 23.7 percent from $776,192,000 for the comparable period in 2005. Net income increased 41.1 percent to $54,728,000 for the first nine months of 2006 from $38,786,000 for the first nine months of 2005, and earnings per diluted share increased 41.3 percent to $1.47 from $1.04. Old Dominion’s operating ratio improved to 89.7 percent for the first nine months of 2006 from 90.8% for the same period in 2005.
“For the third quarter, Old Dominion again produced strong financial results, with revenue growing in excess of 20 percent for the 10th consecutive quarter and earnings per diluted share at the high end of our established guidance,” said Earl E. Congdon, chairman and chief executive officer of Old Dominion. “Consistent with our performance for the first half of 2006, we continued to gain market share within our existing service center network in a relatively stable pricing environment. We achieved a 2.7 percent increase in revenue per hundredweight, excluding fuel surcharges, during the third quarter in spite of a 3.4 percent increase in weight per shipment, which generally has the affect of lowering this pricing metric. Our total tons shipped increased 15.3 percent as a result of the increase in weight per shipment and an 11.5 percent increase in shipments.”