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TheStreet Open House

Old Dominion Freight Line Reports Earnings Of $0.69 Per Diluted Share For The Fourth Quarter Of 2011

Stocks in this article: ODFL

Old Dominion Freight Line, Inc. is a leading, less-than-truckload (“LTL”), union-free motor carrier providing regional, inter-regional and national LTL service and value-added logistics services. In addition to its core LTL services, the Company offers its customers a broad range of logistics services including ground and air expedited transportation, supply chain consulting, transportation management, truckload brokerage, container delivery and warehousing services, as well as consumer household services. Through marketing and carrier relationships, the Company also offers door-to-door international freight services to and from all of North America, Central America, South America and the Far East.

               

OLD DOMINION FREIGHT LINE, INC.

Financial Highlights

(Dollars in thousands, except per share amounts)

 

Three Months Ended

Twelve Months Ended

December 31,

%

December 31,

%

2011

    2010

Chg.

2011

    2010

Chg.

Revenue from operations

$

485,132

$ 398,972

21.6

%

$

1,882,541

$ 1,480,998

27.1

%

Operating income

$

63,312

$ 37,969

66.7

%

$

234,072

$ 137,739

69.9

%

Operating ratio

 

86.9

%

90.5 %

87.6

%

90.7 %
Net income

$

39,883

$ 22,056

80.8

%

$

139,470

$ 75,651

84.4

%

Basic and diluted earnings per share

$

0.69

$ 0.39

76.9

%

$

2.44

$ 1.35

80.7

%

Basic and diluted weighted average shares outstanding

57,443

55,927

2.7

%

57,146

55,927

2.2

%

                   
OLD DOMINION FREIGHT LINE, INC.
 
Statements of Operations
(In thousands, except per share amounts)
 
Fourth Quarter Year To Date
2011 2010 % Chg. 2011 2010 % Chg.
 
Revenue $ 485,132 100.0 % $ 398,972 100.0 % 21.6 % $ 1,882,541 100.0 % $ 1,480,998 100.0 % 27.1 %
 
Operating expenses:
Salaries, wages & benefits 248,048 51.1 % 218,378 54.7 % 13.6 % 956,079 50.8 % 808,819 54.6 % 18.2 %
Operating supplies & expenses 90,435 18.6 % 69,271 17.4 % 30.6 % 355,186 18.9 % 244,291 16.5 % 45.4 %
General supplies & expenses 12,485 2.6 % 10,429 2.6 % 19.7 % 49,900 2.6 % 41,580 2.8 % 20.0 %
Operating taxes & licenses 15,737 3.2 % 14,349 3.6 % 9.7 % 63,284 3.4 % 55,420 3.8 % 14.2 %
Insurance & claims 4,818 1.0 % 6,491 1.6 % (25.8 %) 27,693 1.5 % 25,329 1.7 % 9.3 %
Communications & utilities 4,603 1.0 % 3,955 1.0 % 16.4 % 18,104 1.0 % 15,218 1.0 % 19.0 %
Depreciation & amortization 24,290 5.0 % 19,862 5.0 % 22.3 % 90,820 4.8 % 80,362 5.4 % 13.0 %
Purchased transportation 15,561 3.2 % 13,664 3.4 % 13.9 % 63,257 3.4 % 50,489 3.4 % 25.3 %
Building and office equipment rents 3,390 0.7 % 3,476 0.9 % (2.5 %) 13,689 0.7 % 15,244 1.0 % (10.2 %)
Miscellaneous expenses, net 2,453 0.5 % 1,128 0.3 % 117.5 % 10,457 0.5 % 6,507 0.5 % 60.7 %
 
Total operating expenses 421,820 86.9 % 361,003 90.5 % 16.8 % 1,648,469 87.6 % 1,343,259 90.7 % 22.7 %
 
Operating income 63,312 13.1 % 37,969 9.5 % 66.7 % 234,072 12.4 % 137,739 9.3 % 69.9 %
 
Other deductions:
Interest expense, net 3,186 0.7 % 2,944 0.7 % 8.2 % 13,887 0.7 % 12,465 0.8 % 11.4 %
Other expense, net (521 ) (0.1 %) (76 ) (0.0 %) 585.5 % 101 0.0 % 848 0.1 % (88.1 %)
 
Income before income taxes 60,647 12.5 % 35,101 8.8 % 72.8 % 220,084 11.7 % 124,426 8.4 % 76.9 %
 
Provision for income taxes 20,764 4.3 % 13,045 3.3 % 59.2 % 80,614 4.3 % 48,775 3.3 % 65.3 %
 
Net income $ 39,883   8.2 % $ 22,056   5.5 % 80.8 % $ 139,470 7.4 % $ 75,651 5.1 % 84.4 %
 
Earnings per share:
 
Basic and Diluted $ 0.69 $ 0.39 76.9 % $ 2.44 $ 1.35 80.7 %
 
Weighted average outstanding shares:
 
Basic and Diluted 57,443 55,927 2.7 % 57,146 55,927 2.2 %
                 
OLD DOMINION FREIGHT LINE, INC.
 
Fourth Quarter Year to Date
Operating Statistics   2011     2010     % Chg. 2011     2010     % Chg.
 
Operating ratio 86.9 % 90.5 % (4.0 %) 87.6 % 90.7 % (3.4 %)
Intercity miles * 99,782 91,050 9.6 % 389,588 338,504 15.1 %
Total tons * 1,598 1,457 9.7 % 6,397 5,656 13.1 %
Total shipments * 1,802 1,641 9.8 % 7,256 6,327 14.7 %
Revenue per intercity mile $ 4.86 $ 4.38 11.0 % $ 4.83 $ 4.38 10.3 %
Rev/cwt ‡ $ 15.00 $ 13.55 10.7 % $ 14.72 $ 13.09 12.5 %
Rev/cwt excluding fuel surcharges ‡ $ 12.55 $ 11.79 6.4 % $ 12.31 $ 11.49 7.1 %
Rev/shp ‡ $ 266.05 $ 240.72 10.5 % $ 259.50 $ 234.09 10.9 %
Rev/shp excluding fuel surcharges ‡ $ 222.63 $ 209.39 6.3 % $ 217.04 $ 205.38 5.7 %
Weight per shipment ( lbs.) 1,774 1,777 (0.2 %) 1,763 1,788 (1.4 %)
Average length of haul ( miles) 946 953 (0.7 %) 952 948 0.4 %
 
* - In thousands

‡ - For statistical purposes only, revenue does not include adjustments for undelivered freight required for financial statement purposes in accordance with the Company's revenue recognition policy.

 
 
December 31, December 31,
Balance Sheets   2011     2010
(In thousands)
 
Cash and cash equivalents $ 75,850 $ 5,450
Other current assets   256,002     217,132  
Total current assets 331,852 222,582
Net property and equipment 1,126,950 964,216
Other assets   54,272     53,083  
Total assets $ 1,513,074   $ 1,239,881  
 
Current maturities of long-term debt $ 39,354 $ 37,130
Other current liabilities   165,456     132,916  
Total current liabilities 204,810 170,046
Long-term debt 229,831 234,087
Other non-current liabilities   221,914     167,099  
Total liabilities 656,555 571,232
Equity   856,519     668,649  
Total liabilities & equity $ 1,513,074   $ 1,239,881  
 
 
Note: Financial and operating data are unaudited.




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