Old Dominion Freight Line today reported net income in the second quarter of 2013 increased 21.8 percent year-over-year to $58.3 million, compared with $47.8 million in the same period last year.
Quarterly earnings per diluted share for ODFL, No. 5 in JOC’s Top 25 Less-Than-Truckload Carriers ranking, rose 21.4 percent from $0.56 in 2012 to $0.68. Furthermore, revenue in the second quarter was $590.2 million, increasing 8.0 percent from $546.5 million in the same quarter last year. The operating ratio improved to 83.5 percent, compared with 84.9 percent.
In the first six months of 2013, net income totaled $98.8 million, jumping 25.2 percent from $78.9 million in the first half of 2012, and earnings per diluted share improved 25.0 percent to $1.15 per share from $0.92 per share. From January to June, revenue was $1.13 billion, increasing 7.6 percent year-over-year from $1.05 billion. The operating ratio improved to 85.5 percent in the first half of 2013, versus 87.0 percent in the first half of 2012.
“We are pleased to report that Old Dominion continued to produce outstanding results for the second quarter of 2013, including strong growth in earnings per diluted share and a 140 basis point improvement in our operating ratio to a new company record of 83.5 percent,” said David S. Congdon, president and CEO of Old Dominion, in a written statement. “We believe our industry-leading service once again enabled us to win market share during the second quarter and led to the 5.6 percent increase in tonnage per day compared with the second quarter last year.”
“In addition, our revenue per hundredweight increased 2.4 percent for the quarter, which, when combined with our tonnage growth, accounted for the 8.0 percent growth in revenue,” Congdon continued. “Revenue per hundredweight, excluding fuel surcharge, increased 3.0 percent for the 2013 second quarter from the same quarter last year and reflects an improving pricing environment for the industry, as well as our continued commitment to yield management.”
He noted the company recently opened a new service center in Salinas, Calif., ending the quarter with 220 service centers in operation, and relocated and expanded three other service centers to provide additional capacity for future growth in revenue.