Old Dominion drives up earnings, revenues in 2017

The Thomasville, N.C.-based less-than-truckload carrier recorded a net income of $463.77 million on revenues of $3.36 billion in 2017, up 56.8 percent and 12.3 percent year-over-year, respectively.    Old Dominion Freight Line’s net income surged 56.8 percent year-over-year in 2017 to $463.77 million, according to the company’s latest financial statements.
   The Thomasville, N.C.-based less-than-truckload (LTL) carrier also recorded a 12.3 percent boost in revenues from 2016 to $3.36 billion.
   In the fourth quarter alone, Old Dominion posted a net income of $197.25 million, a sharp increase from the $68.51 million for the fourth quarter of 2016.
   Meanwhile, revenues for the fourth quarter of 2017 rose 19.5 percent year-over-year to $891.12 million, which Old Dominion Vice Chairman and CEO David Congdon said consisted of a 14.4 percent increase in LTL tonnage and a 5.1 percent jump in LTL revenue per hundredweight.
   For the full year of 2017, capital expenditures totaled $382.1 million.
   Looking ahead, Old Dominion expects its capital expenditures for 2018 to total approximately $510 million, including planned expenditures of $200 million for real estate and service center expansion projects, $265 million for tractors and trailers, and $45 million for technology and other assets.