Old Dominion Q1 profit up 21.9pc to US$133,323, sales rise 7.1pc
AWARD-WINNING North Carolina less-than-truckload motor carrier Old Dominion Freight Line increased first quarter net profit 21
AWARD-WINNING North Carolina less-than-truckload motor carrier Old Dominion Freight Line increased first quarter net profit 21.9 per cent year on year to US$133,323, drawn on revenues of $990,782, up 7.1 per cent.
'Old Dominion began 2019 with strong financial results for the first quarter, which included growth in our pre-tax income that exceeded 20 per cent for the eighth straight quarter,' said Old Dominion president and CEO Greg Gantt.
'Total revenue growth was slightly lower than we originally anticipated, but the quality of our revenue growth and our focus on managing costs drove the 190 basis point improvement in our operating ratio,' he said.
'The combination of these factors also contributed to the 22.3 per cent increase in our pre-tax income and 23.3 per cent increase in earnings per diluted share,' Mr Gantt said.
'LTL revenue increased in the first quarter due to a 9.6 per cent increase in LTL revenue per hundredweight that was partially offset by a three per cent decline in LTL tonnage for the quarter.
'The decrease in LTL tonnage primarily reflects a four per cent decrease in LTL weight per shipment that was partially offset by a 1.1 per cent increase in LTL shipments,' he said.