Old Dominion Freight Line, Inc. (NASDAQ: ODFL) today announced financial results for the three-month and six-month periods ended June 30, 2013. Revenue increased 8.0% for the quarter to $590.2 million compared with $546.5 million for the second quarter of 2012. Net income increased 21.8% to $58.3 million for the second quarter of 2013 from $47.8 million for the second quarter of 2012, while earnings per diluted share rose 21.4% to $0.68 from $0.56. Old Dominion's operating ratio improved to 83.5% for the second quarter of 2013 compared with 84.9% for the second quarter of 2012.
For the first six months of 2013, revenue was $1.13 billion, an increase of 7.6% from $1.05 billion for the first six months of 2012. Net income grew 25.2% to $98.8 million for the first half of 2013 from $78.9 million for the same period in 2012. Earnings per diluted share increased 25.0% to $1.15 per share from $0.92 per share for the comparable six-month period. The Company's operating ratio improved to 85.5% for the first half of 2013 from 87.0% for the first half of 2012. 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.
Old Dominion's year-to-date and prior-period results have also been adjusted for an immaterial correction related to how the Company presents the costs of purchased transportation for certain truckload brokerage and freight forwarding services. The Company determined that these costs, which were previously netted against revenue, met the criteria to be presented separately in operating expenses. The resulting adjustments increased revenue and purchased transportation expense in equal amounts as shown on page 4 of this release; however, there was no effect on operating income, net income or earnings per share for any period presented.
David S. Congdon, President and Chief Executive Officer of Old Dominion, commented, “We are pleased to report that Old Dominion continued to produce outstanding results for the second quarter of 2013, including strong growth in earnings per diluted share and a 140 basis point improvement in our operating ratio to a new Company record of 83.5%. This performance during a period of generally slow economic growth further demonstrates the strength of our value proposition of providing on- time and claims-free services at a fair and equitable price. We continued to deliver extraordinary service in the second quarter, as evidenced by our on-time delivery percentage of 99% and our cargo claims ratio of 0.31%, which is the best we have ever produced.
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