ODFL’s 2Q Income Jumps
Old Dominion Freight Line said Wednesday its second-quarter profit rose to $21.5 million, or 58 cents per share, from $10.7 million, or 29 cents, a year ago.
Revenue rose 16.5% to $368.3 million, the less-than-truckload carrier said in a statement.
The earnings reflected in part a 13.4% increase in tonnage, the first double-digit tonnage increase the carrier has seen in two years, said David Congdon, president of Old Dominion.
The company saw a 6.9% increase in shipments and a 6% increase in weight per shipment.
Revenue per hundredweight grew 3%. Excluding fuel surcharges, it grew 1.1%.
ODFL expects a 15% to 20% increase in tonnage in the third quarter of 2010 compared with the same quarter in 2009, Congdon said.
Old Dominion Freight Line is ranked No. 20 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
