Old Dominion Freight Line on Thursday, Feb. 2, announced that revenue for the fourth quarter ended Dec. 31, 2011, increased 21.6 percent to $485.1 million from $399.0 million for the fourth quarter of 2010. Net income increased 80.8 percent to $39.9 million from $22.1 million. Old Dominion’s operating ratio improved to 86.9 percent from 90.5 percent.
For 2011, revenue increased 27.1 percent to $1.88 billion from $1.48 billion for 2010. Net income increased 84.4 percent to $139.5 million from $75.7 million. Old Dominion’s operating ratio improved to 87.6 percent for 2011 from 90.7 percent for 2010.
“Throughout the fourth quarter, Old Dominion continued to sustain the operating strength and financial momentum that we generated during the first nine months of 2011,” said David Congdon, president and chief executive officer of the Thomasville, N.C.-based company. “As a result, we produced record revenues, profit margins and earnings for both the fourth quarter and the full year.”
Congdon said Old Dominion expects to continue to fund capital expenditures primarily with cash flow from operations. “In addition, the company’s financial position at the end of 2011 was stronger than at any time in its history as a public company,” he said. “2011 was a great year for Old Dominion. We believe we will continue to build market share by maintaining superior service levels while remaining disciplined with our yield management. We are confident in our ability to produce further profitable growth.”