Old Dominion Freight Line’s third-quarter revenue reached nearly half a billion dollars, a record for the sixth-largest U.S. less-than-truckload carrier.
Net profit leaped 58.4 percent year-over-year to $38.6 million, while revenue rose 24.9 percent to $494.5 million. ODFL’s LTL tonnage increased 9.6 percent. That followed an 83.1 percent second-quarter increase in profit to $39.4 million. Revenue rose 30.4 percent year-over-year in that quarter to $480.3 million.
The carrier’s revenue per hundredweight or yield — an indicator of pricing — rose 7.8 percent excluding fuel surcharges and 13.7 percent with surcharges included.
“This increase represents the continuation of our yield management process, which includes the impact of a 4.9 percent general rate increase implemented on Sept. 6, 2011,” said David S. Congdon, president and CEO of the Thomasville, N.C., company.
Shipments rose 12.2 percent, and revenue per shipment increased 5.4 percent excluding fuel surcharges to $217.25. Surcharges added $43 per shipment.
The carrier’s operating ratio, or expenses as a percentage of operating revenue, dropped to 86.2 percent, a new third-quarter record, the company said.