Old Dominion profits rise substantially in Q3

LTL carrier continues growth and revenue upswing attributed to rise in market share.    The less-than-truckload carrier Old Dominion Freight Line on Thursday reported a year-over-year increase of 28.7 percent in its third quarter operating profit, ending the period at $126.3 million.
   Revenue in the quarter rose 20.6 percent to $743.6 million. For the year, Old Dominion’s operating profit is up 25.8 percent to $261.6 million.
   “We believe our 20.6-percent growth in revenue was once again driven primarily by increased market share, as we continued to deliver industry-leading customer service,” said David S. Congdon, president and chief executive officer of Old Dominion. “Our revenue growth during the quarter was primarily the result of an 18.7-percent increase in LTL tons and a 1.6-percent increase in LTL revenue per hundredweight, or 2.2 percent excluding fuel surcharges.
   “The improvement in our yield and increase in freight density contributed to the 110 basis-point improvement in our third-quarter operating ratio. We are particularly pleased with this improvement, which was achieved even as we incurred increased operating costs associated with our salaries, wages and benefits as well as our multi-year IT modernization effort.”