'Old Dominion produced strong profitable growth in the first quarter of 2021 that included double-digit increases in both revenue and operating income,' said Old Dominion president and CEO Greg Gantt.
'We are winning market share as demand continues to increase. In addition, we believe the domestic economy is getting stronger while industry capacity is generally limited,' said Mr Gantt.
We are encouraged by these trends and believe the combination of our value proposition, existing capacity, and ongoing investments to expand our capacity will support future revenue growth opportunities.
Revenue increased due to an 8.3 per cent increase in LTL (less than truck load) tonnes and a 5.6 per cent increase in LTL revenue per hundredweight. The increase in LTL tonnes included a 6.9 per cent increase in LTL shipments and a 1.3 per cent increase in LTL weight per shipment.
The improvement in freight density created operating leverage that helped improve our aggregate overhead costs as a per cent of revenue.
Said Mr Gantt: 'We remain firmly committed to our strategy of delivering superior service at a fair price, while also continuing to invest in long-term capacity to support additional growth. We are confident that the continued execution of our strategic plan can produce additional growth in earnings and increase shareholder value.'