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Old Dominion’s net income climbs 66.1 percent

The less-than-truckload carrier had Q2 net income of $163.4 million on revenues of $1.03 billion.

   Old Dominion Freight Line posted significant year-over-year growth in net income and revenues for the second quarter of 2018, with President and CEO Greg Gantt saying the company benefited from the positive yield environment and ongoing strength in the domestic economy.
   The Thomasville, N.C.-based less-than-truckload carrier had a net income of $163.4 million for the quarter, up 66.1 percent from last year’s second quarter.
   Revenues stood at $1.03 billion for the quarter, up 23 percent year-over-year. Gantt said the revenues growth was primarily fueled by the company’s 14.6 percent increase in LTL tons and a 7.4 percent boost in LTL revenue per hundredweight.
   The company expects capital expenditures for 2018 will total about $555 million, including planned expenditures of $200 million for real estate and service center expansion projects, $310 million for tractors and trailers, and $45 million for technology and other assets.

The FREIGHTWAVES TOP 500 For-Hire Carriers list includes Old Dominion Freight Line (No. 9).