Old Dominion Freight Line more than doubled its profit for the full year and fourth quarter, as a 19.9 percent increase in shipments boosted revenue in late 2010.
The less-than-truckload carrier's fourth quarter profit rose 127.8 percent year-over-year to $22.1 million, while revenue jumped 28.3 percent to $399 million.
For the full year, net income soared 116.9 percent to $75.7 million, compared with $34.9 million in 2009. The trucker's revenue grew 19 percent to $1.48 billion.
ODFL remains one of the most profitable companies in the LTL industry. It was the only billion-dollar-plus publicly owned LTL carrier to report a profit last year.
ODFL is No. 7 on the JOC list of Top 50 North America's LTL Carriers
LTL trucker Con-way is expected to release its earnings results after the stock market close Wednesday. YRC Worldwide releases its earnings report Friday.
Increased U.S. industrial production and manufacturing contributed to ODFL's fourth-quarter surge, said David S. Congdon, president and CEO of the company.
That increase "not only boosted volumes for transportation providers, but also decreased excess capacity in our industry," Congdon said in a statement.
The 4.9 percent general rate increase ODFL implemented Nov. 15 -- ahead of the typical schedule for non-contract rate increases -- is sticking.
Higher rates helped push revenue per hundredweight, or yield, up 5.9 percent in the fourth quarter, year-over-year. Yield rose 3.4 percent, excluding fuel surcharges.
-- Contact William B. Cassidy at email@example.com.