Old Dominion posts strong Q3 results

The Thomasville, N.C.-based less-than-truckload carrier posted net income of $84.4 million for the third quarter of 2015, an 8.3 percent increase from the third quarter of 2014.    The less-than-truckload (LTL) carrier Old Dominion Freight Line posted a net income of $84.4 million for the third quarter and $232.5 million for the first nine months of 2015, a year-over-year increase of 8.3 percent and 17.6 percent, respectively.
   Old Dominion increased earnings per diluted share from $0.90 for the third quarter of 2014 to $0.99 for this year’s third quarter. The less-than-truckload carrier’s earnings per diluted share for the first nine months of 2015 stood at $2.71, an increase from the same period last year of $2.29.
   Revenues for the third quarter stood at $779.5 million, an increase of 4.8 percent from the same period in 2014.
   “Our revenue growth for the quarter included a 6.6 percent increase in LTL tons that was partially offset by a 1.6 percent decrease in LTL revenue per hundredweight,” Old Dominion Vice Chairman and CEO David S. Congdon said in a statement.
   Old Dominion’s revenues for the first nine months of the year stood at $2.24 billion, a year-over-year increase of 8.3 percent.
   “Consistent with our long-term strategy of investing in the capacity and capabilities of our service center network, equipment and technology, our capital expenditures for the third quarter were $130.8 million and totaled $362.0 million for the first nine months of 2015,” said Congdon. “For full-year 2015, we expect capital expenditures to total approximately $451 million, including planned expenditures of $139 million for real estate and service center expansion projects, $278 million for tractors, trailers and other equipment and $34 million for technology and other assets.”