Earl E. Congdon, chairman and chief executive officer of Old Dominion Freight Line Inc., Thomasville, N.C., reports a significant increase in its guidance for earnings per diluted share for the third quarter of 2002,
ending Sept. 30, 2002, and for the full-year 2002, ending Dec. 31, 2002.
For the third quarter, Old Dominion has raised its estimated range for earnings per diluted share to $0.65 to $0.70, compared with its original estimated range for the third quarter of $0.54 to $0.59. The company earned $0.44 per diluted share for the third quarter of 2001.
For 2002, Old Dominion has raised its estimated range for earnings per diluted share to $1.90 to $2.00, compared with its original estimated range of $1.62 to $1.72. The company earned $1.43 per diluted share for 2001.
Congdon said, "The increase in our earnings guidance primarily reflects the ongoing improvement during the third quarter of positive trends for LTL tons and LTL shipments that contributed to our substantial profitable growth for the second quarter. Notwithstanding the uncertain economic environment, Old Dominion has continued to leverage its extensive service center network to gain increased market share. In addition, but to a lesser extent, the bankruptcy of Consolidated Freight has also contributed slightly to Old Dominion's revenue and earnings growth for the quarter. We believe the operating momentum evident in our financial results throughout the first nine months of 2002 will continue to have a positive impact on our results for the fourth quarter as well."