Profit Rises 27% at Old Dominion

Old Dominion Freight Line Inc. said second-quarter net income improved 27% to $73.8 million, or 86 cents per share, as freight volumes and rates increased.

Revenue rose 19% to $703 million. Earnings growth reflected 15% more tonnage, 12% more shipments handled and 6.4% higher revenue per shipment, the Thomasville, North Carolina, company’s statement said. The results lowered the operating ratio to 82.5, the best among publicly traded fleets in the LTL sector.

In the 2013 quarter, net income was $58.3 million, or 68 cents per share, and revenue was $590.3 million.

“Old Dominion’s growth accelerated in the second quarter, driving record results for our quarterly revenue, tonnage and earnings,” said David Congdon, CEO of Old Dominion, which ranks No. 12 on Transport Topics Top 100 list of U.S. and Canadian for-hire carriers.

“The  improvement  in  our  operating  ratio  for  the  second  quarter  and  first  half  of  2014  was  primarily  attributable to  increases  in  our  freight  density  and  yield.”