Old Dominion Freight Line Reports 11.1% Growth in Earnings Per Diluted Share

“Old Dominion produced solid financial results for the first quarter of 2017, with improvements in both our revenue and operating ratio,” said David S. Congdon, Vice Chairman and Chief Executive Officer of Old Dominion. “Our revenue growth was driven by a 4.9% increase in LTL revenue per hundredweight and a 2.4% increase in LTL tons per day for the quarter. LTL revenue per hundredweight, excluding fuel surcharges, increased 2.4% even as the changes in the mix of our freight put downward pressure on this yield metric.

“Our operating ratio in the first quarter of 2017 improved slightly as compared with the first quarter of 2016. Reductions in our insurance and claims costs and variable operating costs as a percent of revenue offset the increase in depreciation expense resulting from our continued investments in real estate, equipment and technology. These investments, along with the extraordinary efforts of our entire Old Dominion family of employees, enabled us to continue to provide outstanding customer service, with on-time deliveries of more than 99% and a Company record cargo claims ratio of 0.2%.”

Old Dominion’s net cash provided by operating activities was $110.8 million for the first quarter of 2017 compared to $168.4 million for the first quarter of 2016, with changes in working capital accounts primarily driving the difference. The Company had $47.6 million in cash and cash equivalents at the end of the first quarter, and its debt-to-total capitalization was 4.7% compared with 6.9% at March 31, 2016.

Category: General Update