Old Dominion Freight Line Profits Increase
Less-than-truckload carrier Old Dominion Freight Line posted gains in revenue and net income for both the fourth quarter and all of 2015.
The Thomasville, North Carolina-based company said Feb. 4 that it earned $72.2 million, or 85 cents a share, on quarterly revenue of $734.6 million. During the same time in 2014 ODFL earned $69.9 million, or 81 cents, on revenue of $721 million.
Old Dominion ranks No. 11 on the Transport Topics Top 100 list of U.S. and Canadian hire carriers and is fourth-largest LTL on the list.
CEO and Vice Chairman David Congdon said generating “solid financial results” was challenging and that they came about “despite a soft economic environment and strong comparable results for the fourth quarter of 2014. We believe we gained market share during the fourth quarter based on increases in both shipments and tonnage.”
The company’s operating ratio, expenses as a percentage of revenue, deteriorated modestly to 84.5 from 84.4 in the previous year’s quarter.
For the year, ODFL earned $304.7 million, or $3.57 a share, on revenue of $2.97 billion. In 2014, the company earned $267.5 million, or $3.10, on revenue of $2.79 billion.
