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Old Dominion Freight Line Reports 20.3% Growth In Second Quarter Earnings To $0.83 Per Diluted Share

Stocks in this article: ODFL

Old Dominion Freight Line, Inc. (NASDAQ: ODFL) today announced record financial results for its second quarter and six months ended June 30, 2012. For the second quarter, revenue increased 12.8% to $541.5 million compared with $480.3 million for the second quarter of 2011. Net income increased 21.5% to $47.8 million for the second quarter from $39.4 million for the same quarter in 2011. Earnings per diluted share were $0.83 for the second quarter of 2012, a 20.3% increase from $0.69 for the second quarter last year. Old Dominion's operating ratio improved to 84.7% for the second quarter of 2012 from 86.5% for the second quarter of 2011.

For the first six months of 2012, revenue increased 15.0% to $1.04 billion from $902.9 million for the first six months of 2011. Net income for the six-month period was $78.9 million, up 29.5% from $61.0 million for the comparable prior-year period. Earnings per diluted share rose 28.0% to $1.37 for the first half of 2012 from $1.07 for first half of 2011, while the Company's operating ratio over the same period improved to 86.8% from 88.6%.

“Old Dominion's second-quarter performance was truly exceptional as we set quarterly records for our revenue, margins and earnings per diluted share,” remarked David S. Congdon, President and Chief Executive Officer of Old Dominion. “During the second quarter, we continued to build significant momentum in efficiency and profitability, while continuing to win additional market share. We attribute our continued success to our highly efficient operating structure and our commitment to provide industry-leading service at a fair and equitable price. We are excited about the opportunity these fundamentals provide, which should allow us to further expand our market share and achieve our long-term growth objectives.

“Our revenue growth for the second quarter of 2012 reflected a 9.0% increase in tonnage compared with the second quarter of 2011 that resulted from an 8.6% increase in shipments and a 0.4% increase in weight per shipment. Revenue per hundredweight rose 3.4% for the latest quarter from the comparable prior-year quarter, or 4.1% excluding fuel surcharges, despite the generally negative impact on revenue per hundredweight resulting from the increase in our weight per shipment and a 1.4% decline in our length of haul.

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