Old Dominion Freight Line reported net income in the first quarter of 2013 of $40.6 million, increasing 30.4 percent from $31.1 million in the first quarter of 2012.
Quarterly revenue for ODFL, No. 5 on JOC’s list of Top 25 Less-Than-Truckload Carriers, was $532.6 million, rising 7.1 percent from $497.1 million in the same quarter in the previous year. Its operating ratio in the first quarter was a record 87.6 percent, compared with 89.1 percent in the first quarter of last year.
“We produced these results despite the fact that the 2013 first quarter included Good Friday, which occurred in the second quarter of 2012, and had one less business day than the first quarter of last year. In addition, the winter weather in the first quarter of 2013 was more severe than we experienced in the first quarter of 2012,” said David S. Congdon, president and CEO, in a written statement. “Even with these headwinds and a less than robust economic environment, we generated revenue growth for the quarter that consisted of a 5.2 percent increase in tons per day and a 2.9 percent increase in revenue per hundredweight, excluding fuel surcharges.”
“The combination of the increase in revenue per hundredweight and our tonnage growth, which improved freight density and certain operational efficiencies, was primarily responsible for the 150 basis-point improvement in our operating ratio to 87.6 percent as compared to the first quarter of 2012,” Congdon concluded.