Old Dominion Freight Line Inc. said second-quarter net income improved 27% to $73.8 million, or 86 cents per share, as freight volumes and rates increased.
Revenue rose 19% to $703 million. Earnings growth reflected 15% more tonnage, 12% more shipments handled and 6.4% higher revenue per shipment, the Thomasville, North Carolina, company’s statement said. The results lowered the operating ratio to 82.5, the best among publicly traded fleets in the LTL sector.
In the 2013 quarter, net income was $58.3 million, or 68 cents per share, and revenue was $590.3 million.
“Old Dominion’s growth accelerated in the second quarter, driving record results for our quarterly revenue, tonnage and earnings,” said David Congdon, CEO of Old Dominion, which ranks No. 12 on Transport Topics Top 100 list of U.S. and Canadian for-hire carriers.
“The improvement in our operating ratio for the second quarter and first half of 2014 was primarily attributable to increases in our freight density and yield.”