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October 30, 2014 10:00 AM, EDT

Old Dominion Freight Line Posts Third Quarter Profit

Old Dominion Freight Line

Old Dominion Freight Line reported third-quarter income increased 29.5% and posted record revenue on increased market share.

Net income rose to $77.9 million, or 90 cents a share, from $60.1 million, or 70 cents, a year ago.

Revenue rose 20.6% to $743.6 million, the less-than-truckload carrier reported Oct. 30.

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

“Our continued profitable growth resulted in quarterly records for our revenue, net income and earnings per diluted share, as well as a company record for our third-quarter operating ratio,” CEO David Congdon said in a statement.

“We believe our 20.6% growth in revenue was once again driven primarily by increased market share, as we continued to deliver industry-leading customer service,” he added.

The company expects to spend $206 million on tractors, trailers and other equipment in 2014 and $132 million for real estate and expansion projects at existing facilities.

Old Dominion Freight Line ranks No. 12 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.