Old Dominion posts record 3Q revenue

user-gravatar

Old Dominion2

Old Dominion Freight Line Inc. on Thursday, Oct. 27, said revenue for the third quarter ended Sept. 30 was a record $494.5 million for the quarter, an increase of 24.9 percent from $396.0 million for the third quarter of 2010. Net income increased 58.4 percent to $38.6 million from $24.4 million. The company’s operating ratio improved to a record 86.2 percent for the third quarter compared to 89.0 percent for the third quarter of 2010.

For the first nine months of 2011, revenue increased 29.1 percent to $1.40 billion from $1.08 billion for the same period in 2010. Net income increased 85.8 percent to $99.6 million from $53.6 million. The company’s operating ratio improved to 87.8 percent from 90.8 percent.

“Old Dominion continued to produce substantial profitable growth for the third quarter of 2011, with both our revenue and operating ratio improving to new quarterly records,” said David Congdon, president and chief executive officer of the Thomasville, N.C.-based less-than-truckload provider. “Our revenue growth for the quarter again reflected significant tonnage growth and a favorable pricing environment.”

Congdon said the performance of the company’s employees, combined with its strategic advantages and financial strength, has created a strong competitive position for Old Dominion. “We believe we are poised to take advantage of future market opportunities and are confident in our growth prospects,” he said.