Old Dominion Freight Line, Inc. (NASDAQ: ODFL) today announced financial results for the fourth quarter and year ended December 31, 2011. Revenue increased 21.6% to $485.1 million for the quarter from $399.0 million for the fourth quarter of 2010. Net income increased 80.8% to $39.9 million for the latest quarter from $22.1 million for the fourth quarter of 2010. Earnings per diluted share rose 76.9% to $0.69 for the quarter from $0.39 for the same period in 2010. Old Dominion’s operating ratio improved to 86.9% for the fourth quarter from 90.5% for the fourth quarter of 2010. Weighted average shares outstanding for the fourth quarter of 2011 rose 2.7% compared with the fourth quarter of 2010.
For 2011, revenue increased 27.1% to $1.88 billion from $1.48 billion for 2010. Net income increased 84.4% to $139.5 million for 2011 from $75.7 million for 2010, and earnings per diluted share grew 80.7% to $2.44 for 2011 from $1.35 for 2010. Old Dominion’s operating ratio improved to 87.6% for 2011 from 90.7% for 2010.
David S. Congdon, President and Chief Executive Officer of Old Dominion, said, “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. As a result, we produced record revenues, profit margins and earnings for both the fourth quarter and the full year. Our record performance reflects the commitment by our dedicated employees to fulfill our promise of on-time, claims-free service at a fair and equitable price. The efforts of our entire team create the value proposition that allows us to continue to win market share.
“During the fourth quarter we experienced a quarter-over-quarter increase of 9.7% in our tonnage, which reflects a 9.8% increase in shipments and a 0.2% decline in average weight per shipment. We achieved this growth while maintaining our focus on yields, as evidenced by a 10.7% increase in revenue per hundredweight, or a 6.4% increase excluding fuel surcharges. Revenue per hundredweight, excluding fuel surcharges, for each quarter of 2011 exceeded the prior-year comparable quarter by more than 6.0%.