Old Dominion Q2 Revenue Up 23.0% to $1.03 Billion 

“Old Dominion Freight Line continued to produce strong financial and operating results for the second quarter of 2018,” remarked Greg C. Gantt, the Company’s President and Chief Executive Officer. “Our financial results reflect the positive yield environment as well as ongoing strength in the domestic economy. We believe the key to our substantial profitable growth, however, is our ability to consistently win market share by delivering superior service at a fair price while also maintaining adequate network capacity.

“The 23.0% growth in revenue during the second quarter included balanced increases in both volume and yield, which supported our ability to improve our operating ratio by 220 basis points and grow earnings per diluted share by 67.2%.

“Our revenue growth for the quarter was primarily due to a 14.6% increase in LTL tons and a 7.4% increase in LTL revenue per hundredweight, which reflects our continued focus on yield-improvement initiatives that increase individual account profitability. The increase in our LTL tons included increases in LTL shipments and LTL weight per shipment of 11.2% and 3.1%, respectively. LTL revenue per hundredweight, excluding fuel surcharges, grew 4.1% for the second quarter, despite the increase in LTL weight per shipment and a 0.2% decrease in length of haul.

“For the second quarter, the quality of our revenue growth and focus on operating efficiency allowed us to improve many of our cost categories as a percent of revenue. While the rising cost of diesel fuel resulted in operating supplies and expenses increasing as a percent of revenue, salaries, wages and benefits improved to 50.5% of revenue compared to 52.6% for the second quarter of last year despite a 16.2% increase in average full-time employees.

“We believe this increase in new employees was necessary to maintain our best-in-class service standards while also managing a significant increase in volume, and we will continue to hire during the third quarter based on our outlook for continued growth.”