ODFL’s Profit Jumps for 4Q, Year
Old Dominion Freight Line’s fourth-quarter profit more than doubled on higher tonnage, the less-than-truckload carrier said Wednesday.
Net income rose to $22.1 million, or 39 cents per share, from $9.7 million, or 17 cents, a year ago. Revenue rose 28% to $399 million.
For the year ODFL earned $75.7 million, or $1.35 per share, up from $34.9 million, or 62 cents, in 2009. Revenue rose 19% to $1.48 billion.
The carrier saw a 19.9% increase in shipments and a 20.5% increase in tonnage tons from the previous fourth quarter, said CEO David Congdon.
The company also benefitted from the rate boost it set in November, he said in a statement.
Old Dominion Freight Line is ranked No. 20 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
