April 24, 2014 2:00 PM, EDT
Old Dominion Freight Line Posts Higher 1Q Profit, Revenue
Company Plans Additional Truck, Trailer Purchases

Old Dominion Freight Line reported its first-quarter income increased 13.2% and said it posted record revenue for the period despite bad weather.

Net income rose to $45.9 million, or 53 cents a share, from $40.6 million, or 47 cents, a year ago.

Revenue rose 15.2% to $620.3 million, the less-than-truckload carrier reported April 24.

LTL revenue per hundredweight rose 1.6%, and revenue per hundredweight excluding fuel surcharges increased 2.2%.

“Due to the significance of our first-quarter growth, we have increased our projection for capital expenditures in 2014 by an additional $25 million for tractors and trailers,” CEO David Congdon said in a statement.

Old Dominion Freight Line is ranked No. 11 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.