Old Dominion Freight Line, Inc. (NASDAQ: ODFL) today announced its financial results for the three- and twelve-month periods ended December 31, 2012. Revenue increased 8.7% to $527.3 million for the fourth quarter from $485.1 million for the fourth quarter of 2011. Net income for the fourth quarter of 2012 was $39.5 million, or $0.46 per diluted share, compared with $39.9 million, or $0.46 per diluted share, for the fourth quarter of 2011. Old Dominion's operating ratio was 87.2% for the fourth quarter of 2012 compared with 86.9% for the fourth 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 2012, revenue increased 12.1% to $2.11 billion from $1.88 billion for 2011. Net income increased 21.5% for 2012 to $169.5 million from $139.5 million for 2011, and net income per diluted share rose 20.9% to $1.97 from $1.63. The Company's operating ratio improved to 86.5% for 2012 from 87.6% for 2011.
David S. Congdon, President and Chief Executive Officer of Old Dominion, commented, “2012 turned out to be another record-breaking year for Old Dominion, as we improved our annual operating ratio to a new Company record of 86.5% and also produced over $2 billion of revenue for the first time in our Company's history. Our fourth quarter results reflect the impact of Hurricane Sandy and severe winter weather conditions, which slowed our revenue growth and increased our operating costs. We also believe political uncertainty and general concern over the “fiscal cliff” contributed to a weaker economic environment during the quarter. Despite the impact of these events, we were pleased to produce quarterly revenue growth of 8.7% and a quarterly operating ratio of 87.2%. This represented the second best fourth quarter operating ratio in our Company's history, and we believe will once again be significantly better than the industry average. While there continues to be uncertainty about the direction of the U.S. domestic economy for 2013, we are encouraged by our January results that included increases in revenue per day and weight per day above normal sequential trends.