ODFL results benefit from strong US economy

Old Dominion Freight Line (ODFL) produced $3,358m in revenue in 2017, up 12.3% from the previous year. Its operating income was 19.0% higher at $575.9m and its net income was 56.8% higher at $463.7m.

ODFL was buoyed by an even stronger Q4, where revenue, operating income and net income were up 19.5%. 26.5% and 187.9% respectively.

LTL volumes were 7.4% higher in the year, surpassing 8.5m tons. Revenue per shipment was 6.3% higher at $307.66.

In the year, its operating expenses were 10.9% higher. This was mainly due to employee expenses, which rose by $150.3m.

CEO, David S. Congdon, said the company had won market share in 2017 and had benefitted from a strong US economy. Looking forward, he said, “As we enter 2018, we are encouraged by our recent trends that demonstrate continued customer demand for our services and a strong domestic economy.”

He continued to say that he expected further profitable growth in 2018.

Source: Old Dominion Freight Line