Old Dominion Freight Line, Inc. (NASDAQ: ODFL) today announced financial results for the third quarter ended September 30, 2011. Revenue was a record $494.5 million for the quarter, an increase of 24.9% from $396.0 million for the third quarter of 2010. Net income increased 58.4% to $38.6 million from $24.4 million for the third quarter of last year, and earnings per diluted share rose 52.3% to $0.67 from $0.44 in the third quarter of 2010. Old Dominion’s operating ratio improved to a record 86.2% for the third quarter compared to 89.0% for the third quarter of 2010. Weighted average shares outstanding for the third quarter of 2011 rose 2.7% compared with the third quarter of 2010.
For the first nine months of 2011, revenue increased 29.1% to $1.40 billion from $1.08 billion for the same period in 2010. Net income increased 85.8% to $99.6 million from $53.6 million in the first nine months of 2010. Earnings per diluted share for the year-to-date period of 2011 were $1.75, up 82.3% from $0.96 for the comparable period of 2010. Old Dominion’s operating ratio improved to 87.8% from 90.8% for the first nine months of 2010.
“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,” remarked David S. Congdon, President and Chief Executive Officer of Old Dominion. “Our revenue growth for the quarter again reflected significant tonnage growth and a favorable pricing environment. Tonnage increased 9.6% compared with the third quarter last year, and revenue per hundredweight rose 13.7%, or 7.8% excluding fuel surcharges. This increase represents the continuation of our yield management process, which includes the impact of a 4.9% general rate increase implemented on September 6, 2011. Our revenue per hundredweight was also favorably impacted by both a 2.2% decrease in weight per shipment and a 0.3% increase in average length of haul.