Old Dominion's Low Tonnage Results in Poor Quarter
Old Dominion Freight Line reported decreases in revenue and net income for the second quarter, caused by a 14.6 percent drop in tonnage and a reduction in fuel surcharges, compared to the same quarter of 2008
Old Dominion Freight Line reported decreases in revenue and net income for the second quarter, caused by a 14.6 percent drop in tonnage and a reduction in fuel surcharges, compared to the same quarter of 2008.
The company reported $316.2 million in revenue for the three-month period, while the same quarter of 2008 saw revenue of $417.8 million. Net income was $10.7 million, or $0.29 a share, versus $23.9 million, or $0.64 a share, for the second quarter of 2008.
Despite the declines, Old Dominion is optimistic about its solid market share.
"Old Dominion achieved solid profitability for the second quarter of 2009 despite the continuation of an industry-wide decline in tonnage and highly competitive pricing, said Earl Congdon, executive chairman. "Because of the ongoing success of our value proposition and other cost control measures we have in place, we expect our second-quarter operating margin will again be among the best of our public LTL peers."
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