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Old Dominion Freight Line Reports Record Third-Quarter Results

Stocks in this article: ODFL

Old Dominion Freight Line, Inc. (NASDAQ: ODFL) today announced Company record third-quarter financial results for the three and nine months ended September 30, 2012. Revenue increased 10.1% to $544.5 million for the third quarter from $494.5 million for the third quarter of 2011. Net income for the third quarter was $51.0 million, an increase of 32.1% from $38.6 million for the third quarter last year. Net income per diluted share for the third quarter was $0.59, an increase of 31.1% from $0.45 for the same period last year. Old Dominion's operating ratio improved to 85.1% for the third quarter of 2012 from 86.2% for the third quarter of 2011. All prior-period share and per share data in this release have been adjusted to reflect the Company's September 2012 three-for-two stock split.

For the first nine months of 2012, revenue was $1.58 billion, an increase of 13.3% from $1.40 billion for the first nine months of 2011. Net income grew 30.5% to $130.0 million for the first nine months of 2012 from $99.6 million for the same period in 2011, while earnings per diluted share increased 30.2% to $1.51 from $1.16. The Company's operating ratio improved to 86.2% for the first nine months of 2012 from 87.8% for the comparable prior-year period.

David S. Congdon, President and Chief Executive Officer of Old Dominion, commented, “Old Dominion continued to produce outstanding operating and financial results during the third quarter, as we achieved third-quarter records for our revenue, operating ratio and earnings per diluted share. We believe these results were generated, despite weak economic conditions, through the strength of our value proposition, which consists of providing on-time and claims-free service at a fair and equitable price. As a result, we continue to win market share and increase the density within our service center network, which allows us to produce strong profitable growth.

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