Old Dominion reports strong growth through 2014

Old Dominion Freight Line has announced its financial results for year ended December 31, 2014. For the full year it reported that revenue increased by 19.3% to $2.79bn. The company also recorded a 30.4% year-on-year increase in operating income to $441.31m. Accordingly the company’s margin stood at 9.59%.

For the fourth quarter, Old Dominion reported revenue of $721.0m, a year-on-year increase of 21.7%. The company also reported Q4 operating income $112.30m, an increase of 46.1% compared to Q4 of 2013.

David Congdon, President and Chief Executive Officer of Old Dominion said, “Old Dominion completed another year of outstanding performance with fourth-quarter results that included accelerated growth rates for revenue, tonnage and earnings per diluted share. Our revenue growth once again reflects increased market share, which we attribute to our employees’ ability to provide superior on-time and claims-free service at a fair and equitable price.”

He went on, “The company’s strong financial results for the quarter reflect improved freight density and yield. LTL tons per day increased 19.8% for the fourth quarter on a 17.1% increase in shipments and a 2.3% increase in weight per shipment. LTL revenue per hundredweight increased 1.5% despite the decline in fuel surcharge rates, decrease in length of haul and increase in weight per shipment, each of which generally has the effect of lowering this yield metric. Excluding fuel surcharges, revenue per hundredweight increased 3.0%, as the pricing environment has remained favourable.

“We invested heavily in the capacity and capabilities of our network, equipment and technology in 2014, which has further differentiated Old Dominion in a capacity-constrained industry. For full-year 2014, our capital expenditures totalled $367.7m, including $117.5m for real estate and service centre expansion projects, $206.3m for tractors, trailers and other equipment and $43.9m for technology and other assets,” concluded Congdon.


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