Old Dominion’s First-Quarter Profit Dips
Old Dominion Freight Line said its first-quarter profit fell to $10.4 million, or 28 cents a share, from $13.6 million, or 36 cents, a year ago.
Revenue rose 15.1% to $368.2 million, the less-than-truckload carrier said late Tuesday.
“Our revenue growth reflected an 8.3% increase in tonnage on a comparable-quarter basis consisting of a 2.6% increase in weight per shipment and 5.6% increase in the number of shipments,” said Executive Chairman Earl Congdon.
“We expect Old Dominion to continue to outperform the LTL industry averages in terms of revenue and tonnage growth and operating ratio,” Congdon said in a statement.
Old Dominion Freight Line is ranked No. 20 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
