LTL carrier starts 2015 where it left off in 2014, with pricing discipline leading to profit increase of more than double its growth in revenue.
The less-than-truckload carrier Old Dominion reported its first quarter operating income grew 29.4 percent year-over-year to $103.6 million.
First quarter revenue rose 12.2 percent to $696.2 million, while net income rose 36.3 percent to $62.5 million.
Old Dominion said growth for the first quarter of 2015 was largely attributable to an 11.4 percent increase in LTL tons per day, with a 13.5 percent increase in LTL shipments partially offset by a 1.8 percent decline in LTL weight per shipment.
The carrier’s number of full time employees rose 17 percent from the first quarter of 2014, reflecting the company’s growth.
“We believe we can realize additional operating efficiencies as density continues to improve and our newer employees gain experience,” said president and chief executive officer David Congdon. “We believe we are better positioned to produce sustainable long-term growth than at any time in our history. We have created a strong and unique competitive market position by delivering on our value proposition. We are primarily focused on execution, discipline and investment during 2015.”
Old Dominion Q1 profit up 30%
