Old Dominion reports 3Q revenue, profit gains

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Old Dominion Freight Line said Thursday, Oct. 26, that its third quarter net income increased 26.2% to $20.10 million from $15.9 million in the year-ago quarter. Revenue increased 22.7% to $337.6 million from $275.1 million for the third quarter of 2005.

For the first nine months of 2006, revenue was $960 million, an increase of 23.7% from $776 million for the comparable period in 2005. Net income increased 41.1% to $54.7 million for the first nine months of 2006 from $38.8 million for the first nine months of 2005.

“For the third quarter, Old Dominion again produced strong financial results, with revenue growing in excess of 20 percent for the 10th consecutive quarter,” said Earl E. Congdon, chairman and chief executive officer of Thomasville, N.C.-based Old Dominion. “Consistent with our performance for the first half of 2006, we continued to gain market share within our existing service center network in a relatively stable pricing environment.”