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Old Dominion Freight Line, Inc. (NASDAQ: ODFL) today announced financial results for the three-month and twelve-month periods ended December 31, 2013. Revenue for the fourth quarter of 2013 increased 11.0% to $592.5 million from $533.8 million for the fourth quarter of 2012. Net income rose 19.4% to $47.2 million for the fourth quarter of 2013 from $39.5 million for the fourth quarter of 2012, while earnings per diluted share rose 19.6% to $0.55 from $0.46 for the prior-year quarter. Old Dominion's operating ratio improved to 87.0% for the fourth quarter of 2013 compared with 87.4% for the fourth quarter of 2012.
Revenue increased 9.5% to $2.34 billion for 2013 from $2.13 billion for 2012. Net income was $206.1 million for 2013, an increase of 21.6% from $169.5 million for 2012, while earnings per diluted share grew 21.3% to $2.39 from $1.97 for the prior year. The Company's operating ratio improved to 85.5% for 2013 from 86.6% for 2012.
David S. Congdon, President and Chief Executive Officer of Old Dominion, commented, “Old Dominion completed another outstanding year in 2013 with record financial performance for both the year and the fourth quarter. We were pleased with the double-digit increase in revenue for the fourth quarter, which was primarily driven by increased market share. We continue to win market share by providing our customers with an unmatched value proposition of superior on-time, claims-free service at a fair and equitable price. We were also pleased with the 19.6% increase in earnings per diluted share, particularly in light of the operational challenges and increased costs resulting from the significant winter weather and more restrictive hours-of-service regulations during the fourth quarter of 2013. Despite these challenges, we improved our operating ratio to 87.0%, which is a new Company record for the fourth quarter. Our annual operating ratio also improved to 85.5%, which is the best annual operating ratio in our Company’s history.