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Old Dominion Profit Soars in Second Quarter

Less-than-truckload carrier Old Dominion Freight Line has reported a big boost in profit and business for the second quarter of the year as well as the first half of 2013.

Evan Lockridge
Evan LockridgeFormer Business Contributing Editor
July 25, 2013
Old Dominion Profit Soars in Second Quarter

 

2 min to read


Less-than-truckload carrier Old Dominion Freight Line has reported a boost in profit and business for the second quarter of the year as well as the first half of 2013.

The North Carolina-based operation says in the second quarter revenue increased 8% to $590.2 million compared with $546.5 million for the second quarter of 2012. Net income increased 21.8% to $58.3 million from $47.8 during the same time period.

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This improved its operating ratio to 83.5% for the second quarter of 2013 compared with 84.9% for the second quarter of 2012.

For the first six months of 2013, revenue was $1.13 billion, an increase of 7.6% from $1.05 billion for the first six months of 2012. Net income grew 25.2% to $98.8 million for the first half of 2013 from $78.9 million for the same period in 2012.

The company's operating ratio improved to 85.5% for the first half of 2013 from 87.0% for the first half of 2012.

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“We believe our industry-leading service once again enabled us to win market share during the second quarter and led to the 5.6% increase in tonnage per day compared with the second quarter last year," said David S. Congdon, president and CEO.

“In addition, our revenue per hundredweight increased 2.4% for the quarter, which, when combined with our tonnage growth, accounted for the 8.0% growth in revenue. Revenue per hundredweight, excluding fuel surcharge, increased 3.0% for the 2013 second quarter from the same quarter last year.”

More information is available on the ODFL website.

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