![]() ![]() ![]() Old Dominion Freight Line(OD) is the leading and union free freight company. It provides LTL services for nationwide customers. From one trunk driving down a 96 mile route to global transportation company with over 20,000 employees, OD has a good reputation and the value that its people take pride in.Thomasville, N.C.-based less-than-truckload (LTL) carrier Old Dominion Freight Line (ODFL) announced very strong fourth quarter earnings this week. “The strength of Old Dominion’s fourth quarter financial performance resulted in new Company records for annual revenue and profitability,” said ODFL President and CEO Greg Gantt in a statement. “Our financial results for the quarter-and the year-continue to reflect the consistent execution of our long-term strategic plan. As part of this plan, we focus on providing superior service at a fair price while also consistently investing in our capacity to support anticipated growth in future periods. We do not expect any near-term changes in our customer demand trends and believe our service and capacity advantages will continue to support our ability to win additional market share throughout 2022.” Our ability to consistently deliver this high-quality service and capacity, coupled with a positive domestic economy, has driven strong customer demand for our service offerings. Quarterly revenue, at $1.41 billion was up 31.4% annually, with LTL services revenue, at $1.39 billion, also posting a 31.4% annual gain. Operating income saw a 46.5% annual increase, to $372.5 million, and net income was up 46.9%, to $278.8 million. LTL revenue per hundredweight, excluding fuel surcharges, rose 9.2%, benefitting from the decrease in which ODFL’s weight per shipment and the 1.8% increase in its average length per haul and the changes to each of these metrics having the effect of increasing its reported yields.a 14.3% increase in LTL tons per day, which included a 17.5% increase in LTL shipments per day that was partially offset by a 2.7% decrease in LTL weight per shipment and.a 16.1% increase in LTL revenue per hundredweight, which drove revenue growth.Diluted earnings per share, at $2.41, posted a 49.7% increase. Gantt said that the increase in LTL revenue per hundredweight also reflects the success of ODFL’s long-term pricing strategy, which is to consistently improve the profitability of each customer account by increasing its yields to both offset cost inflation and support further investments in capacity and technology. ODFL said that fourth quarter capital expenditures were $165.4 million and $550.1 million for the year. ![]()
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