Old Dominion Freight Line Posts Higher 1Q Profit, Revenue
Old Dominion Freight Line reported its first-quarter income increased 13.2% and said it posted record revenue for the period despite bad weather.
Net income rose to $45.9 million, or 53 cents a share, from $40.6 million, or 47 cents, a year ago.
Revenue rose 15.2% to $620.3 million, the less-than-truckload carrier reported April 24.
LTL revenue per hundredweight rose 1.6%, and revenue per hundredweight excluding fuel surcharges increased 2.2%.
“Due to the significance of our first-quarter growth, we have increased our projection for capital expenditures in 2014 by an additional $25 million for tractors and trailers,” CEO David Congdon said in a statement.
Old Dominion Freight Line is ranked No. 11 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.
