Old Dominion Freight Line Inc. said its fourth-quarter profit grew 19.4% as tonnage and revenue increased.
The less-than-truckload carrier’s net income was $47.2 million in the quarter, or 55 cents a share, up from $39.5 million, or 46 cents, a year earlier. Revenue grew 11% to $592.5 million.
“We were pleased with the double-digit increase in revenue for the fourth quarter, which was primarily driven by increased market share,” CEO David Congdon said in a Feb. 6 statement. “ We were also pleased with the 19.6% increase in earnings per diluted share, particularly in light of the operational challenges and increased costs resulting from the significant winter weather and more restrictive hours-of-service regulations during the fourth quarter of 2013.”
Old Dominion’s tonnage per work day rose 10.9%, while revenue per hundredweight grew 0.3%, it said.
For the full year, profit grew to $206.1 million, or $2.39 a share, from $169.5 million, or $1.97 a share, in 2012. Revenue was $2.34 billion, compared with $2.1 billion the last year.
Old Dominion Freight Line is ranked No. 11 on the Transport Topics Top 100 listing of U.S. and Canadian for-hire carriers.