Old Dominion's profit up 66.1pc to US$163.4m as revenue rises 23pc
NORTH CAROLINA's Old Dominion Freight Line posted a 66
NORTH CAROLINA's Old Dominion Freight Line posted a 66.1 per cent year-on-year second quarter net profit increase to US$163.4 million, drawn on revenues of $1.03 billion, up 23 per cent.
Greg Gantt, president and CEO of the Thomasville less-than-truckload carrier, said the company benefitted from the positive yield environment and ongoing strength in the US economy.
Mr Gantt said revenue growth was primarily fuelled by a 14.6 per cent increase in LTL tonnes and a 7.4 per cent boost in LTL revenue per hundredweight, reported American Shipper.
The company expects capital expenditures for 2018 will total about $555 million, including planned expenditures of $200 million for real estate and a service centre expansion, $310 million for tractors and trailers, and $45 million for technology and other assets.