Old Dominion Freight Line and Swift Transportation on Friday reported their financial results for the first quarter of the year.


Old Dominion Freight Line, Thomasville, N.C., revenue from operations increased 5.7% for the first quarter to $127.15 million from $120.27 million for the first quarter of 2001. Net income rose 124% to $2.24 million from $1 million. Old Dominion's operating ratio improved for the latest quarter to 96% from 97.3% for the first quarter of 2001.
“Our revenue growth for the quarter was driven by our successful efforts to gain market share within our existing service center network through more comprehensive coverage and improved service," said Earl Congdon, chairman and CEO. "As a result of these efforts, we achieved a 7.9% increase in LTL shipments for the quarter while many of our peers experienced reductions in shipments during this same period. In addition, we benefited from a 1.4% growth in LTL revenue per hundredweight, despite the overall weakness in the transportation industry."

Swift Transportation, Phoenix, Ariz., reported revenues for the quarter decreased 6.6% to $475.8 million, compared with $509.6 million for the corresponding quarter of 2001. The first quarter of 2002 includes $2.7 million of fuel surcharge revenue versus $18.5 million in 2001. Excluding this fuel surcharge revenue, the decrease in revenues would have been 3.7%. Net earnings were $9.4 million, compared to $259,000 for the first quarter of 2001.
“Due to turnover at M.S. Carriers, we started the quarter with approximately 650 trucks without drivers and operated during the first quarter of 2002 with over 300 less owner operators than the first quarter of 2001," said Jerry Moyes, chairman and CEO. "Our revenues for the quarter reflect this.
"On a positive note, we have reduced the number of unmanned trucks to approximately 300 and we currently see freight levels improving over those seen in 2001,” he said. “The increase in our net earnings is a result of an improvement in our operating ratio of 1% and a significant decrease in interest expense.”
According to the company, the first quarter results include the benefit of a $1.3 million non-cash pre-tax adjustment for the reduction in market value of interest rate derivative agreements of M.S. Carriers, while the results for the first quarter of 2001 includes a $3 million pre-tax charge for the increase in market value of the interest rate derivative agreements.
The company noted the amounts for the three months ended March 31, 2001 have been restated to affect the June 29, 2001, acquisition of M.S. Carriers.