ODFL’s 1Q Income Improves
Old Dominion Freight Line said Wednesday its first-quarter profit rose to $7.7 million, or 21 cents per share, from $4 million, or 11 cents, a year ago.
Revenue rose 7.7% to $317.8 million, the less-than-truckload carrier said in a statement.
The earnings were the first year-over-year gain since the third quarter of 2008, Executive Chairman Earl Congdon said in a statement.
A 5.8% increase in tonnage in the quarter was driven by a 5.7% increase in weight per shipment and a 0.1% uptick in the number of shipments, though the increase in weight per shipment had a negative effect on revenue per hundredweight, the company said.
The results reflected depreciation expenses that reflected changes to the estimated useful life and salvage value of its tractor and trailer fleet, ODFL said.
As a result, its net income rose by about $1.3 million, or 3 cents a share, and ODFL said it expects an increase to its 2010 net income of about $7.6 million.
Old Dominion Freight Line is ranked No. 20 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
