Thursday, August 2, 2012

Old Dominion posts strong Q2, H1

Old Dominion Freight Line, Inc. announced what it said were record financial results for both its second quarter and first half of 2012.

The trucking firm said in a statement that its revenue increased 12.8 percent to $541.5 million compared with $480.3 million for the second quarter of 2011.

Old Dominion's net income increased 21.5 percent to $47.8 million for the second quarter from $39.4 million for the same period last year, while the company said its operating ratio improved to 84.7 percent for the second quarter from 86.5 percent for the second quarter of 2011.

For the first six months of 2012, Old Dominion posted a revenue increase of 15 percent to $1.04 billion, up 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 percent from $61.0 million for the same period last year, with operating ratio over the same period improving to 86.8 percent from 88.6 percent.

"Old Dominion's second-quarter performance was truly exceptional as we set quarterly records for our revenue, margins and earnings per diluted share," said David S. Congdon, president and chief executive officer of Old Dominion.

Congdon said revenue growth for the second quarter of 2012 reflected a 9 percent increase in tonnage compared with the second quarter of 2011 that resulted from an 8.6 percent increase in shipments and a 0.4 percent increase in weight per shipment.

The trucking company's CEO said revenue per hundredweight rose 3.4 percent for the latest quarter, or 4.1 percent 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 percent decline in our length of haul."

Congdon said Old Dominion's most recent quarterly operating ratio was "the best we have ever produced in our 78-year history, and we believe it is one of the best ever produced by a public less-than-truckload carrier with national coverage."

Old Dominion reported capital expenditures for the second quarter of $120.6 million, which included the opening of a new service center in Benson, Minn., bringing total capital expenditures for the first half of 2012 to $210.0 million.

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