During the third quarter, Old Dominion Freight Line generated $616.5 million in revenues, a 12-percent, year over year, uptick, leading to $1.6 billion in revenues for the first nine months of the year, a 9-percent increase.
Net income rose by 17.8 percent and the operating ratio improved from 85.3 percent to 84.1 percent during the quarter. Earnings per share increased by 18.6 percent.
During the quarter, total tonnage increased by nearly 10 percent, as Old Dominion carried 7.9-percent more tons per day and saw a 3.3-percent rise in revenue per hundredweight.
According to David Congdon, the carrier’s president, these results are a product of a focus on maintaining pricing and driving operational efficiencies.
“Our third-quarter operating and financial results extend our long-term record of producing profitable growth. We believe our success is directly attributable to a commitment by the entire Old Dominion team to our strategic foundation, which includes providing superior service at a fair and equitable price,” he said in a statement. “In addition, we have invested heavily in our infrastructure, workforce, technology, equipment and service offerings, and have the necessary capital resources to continue to invest, which helps differentiate Old Dominion in the industry.”
Revenues up for Old Dominion in 3Q
