The economy doesn't look too slow from the docks at Old Dominion Freight Line. The less-than-truckload carrier said Friday it expects greater growth in tonnage than anticipated in the second quarter.
ODFL raised its year-over-year estimated tonnage growth in the quarter to 5 to 5.5 percent, based on stronger than expected tonnage growth in April and May — 5.7 and 5.8 percent, respectively.
The Thomasville, N.C.-based company had projected a 4.5 to 5 percent increase in tonnage for the quarter. ODFL also expects yield, excluding fuel surcharges, to increase 1.5 to 2 percent.
Tonnage per day increased 5.2 percent on average at ODFL in the first quarter from the previous year, and the carrier's yield, or revenue per hundredweight, rose 2.9 percent excluding fuel surcharges.
In the 2012 fourth quarter, tonnage also was up 5.3 percent year-over-year.
The carrier's net profit rose 30 percent in the first quarter to $40.6 million, while revenue rose 7.1 percent to $532.6 million. In 2012, ODFL increased revenue 12 percent to $2.1 billion.
ODFL is the fifth-largest LTL carrier in the U.S. and the ninth-largest motor carrier on the Journal of Commerce/SJ Consulting Group list of Top 50 Trucking Companies.