Old Dominion reports record 4Q, full-year ’05 results

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Old Dominion Freight Line has announced record financial results for the fourth quarter and year ended Dec. 31. Fourth-quarter revenue from operations was $285.2 million, an increase of 27.3 percent from $224.0 million for the fourth quarter of 2004. Net income increased 38.5 percent to $14.7 million from $10.6 million. Old Dominion’s operating ratio improved to 90.8 percent for the fourth quarter of 2005 from 91.4 percent for the fourth quarter of 2004.

Revenue from operations for 2005 increased 28.8 percent to $1.1 billion from $824.1 million for 2004. Net income rose 38.2 percent to $53.9 million from $39.0 million. The company’s operating ratio improved to 90.8 percent for 2005 from 91.4 percent for 2004. Fourth quarter and year-to-date results include unfavorable net after-tax adjustments of $2.2 million, primarily resulting from independent actuarial reviews related to insurance reserves conducted during the fourth quarter.

“Old Dominion’s strong profitable growth for the fourth quarter of 2005 was consistent with the company’s performance throughout a record-breaking year,” says Earl E. Congdon, chairman and chief executive officer of Thomasville, N.C.-based Old Dominion. “Our ability to provide a comprehensive, single-source solution for our customers’ logistics needs has now produced 17 consecutive quarters of improvement in operating ratio and growth in net income of at least 30 percent, as well as our seventh consecutive quarter of revenue growth in excess of 20 percent. In addition, by producing annual revenue of more than $1 billion for the first time, we have reached a milestone in our expectation to exceed $2 billion in annual revenue within the next five years.”