Old Dominion Freight Line reported its fourth-quarter 2010 revenue increased 28.3% to $399 million from $310.9 million for the fourth quarter of 2009, while net income was $22.1 million, up 127.8% from $9.7 million for the fourth quarter of 2009.
Old Dominion’s operating ratio improved to 90.5% for the fourth quarter of 2010 from 93.9% for the fourth quarter of the prior year.
For the year ended December 31, 2010, revenue grew 19% to $1.48 billion from $1.25 billion for 2009. Net income increased 116.9% to $75.7 million compared with $34.9 million for the prior year.
ODFL’s operating ratio improved to 90.7% for 2010 from 94.3% for the prior year. The company’s results for the fourth quarter and year ended December 31, 2010 reflect lower depreciation expense resulting from changes to the estimated useful lives and salvage values for its equipment that became effective January 1, 2010.
Some of the fourth quarter growth can be attributed to the continued growth in U.S. industrial production and manufacturing, noted David S. Congdon, president and CEO, “which has not only boosted volumes for transportation providers, but also decreased excess capacity in our industry. As a result, a number of LTL carriers announced general rate increases in the fourth quarter of 2010, which has improved the overall pricing environment for our services.”
In November, ODFL implemented a general rate increase of 4.9%, which contributed to a 5.9% increase in revenue per hundredweight for the fourth quarter as compared to the prior-year period. Excluding fuel surcharges, revenue per hundredweight for the fourth quarter increased 3.4% over the comparable quarterly period.
Congdon also notes that the results include the impact of a 2 percent company-wide salary and wage increase that was effective September 3, 2010.
“In 2009, we decided not to cut our employees’ salaries, wages or benefits, despite the recessionary environment, and we were pleased to provide this increase in wages to our employees as our performance improved,” Congdon said. “We also experienced a reduction in our workforce during the recession, but added employees in 2010 to meet increased tonnage levels and to maintain our commitment to providing the industry’s highest service levels for on-time and claims-free deliveries. Primarily as a result of the cost to train these new employees, our operating leverage was negatively affected by slight reductions in some measures of our productivity. Despite these additional costs incurred in 2010, our team produced record revenues for the fourth quarter and second half of 2010 and the best operating ratios for these periods since 2006.”
Old Dominion opened one new service center during the fourth quarter in Casper, Wyoming, and three for the year, for a total of 213 service centers in operation at the end of 2010. In addition, capital expenditures for the quarter of $37.2 million included the cost of accelerating approximately $19 million of its 2011 equipment purchases into 2010.
Old Dominion now plans total capital expenditures for 2011 in a range of $265 million to $300 million. These planned expenditures include $120 million to $140 million for real estate, $130 million to $140 million for the purchase of tractors, trailers and other equipment and $15 million to $20 million for investments in technology.
Printer Friendly Version
Email This Story
Fleets: Related News
2/3/2011 – Con-way Reports Improved Quarterly, Full-Year Results
Con-way Inc. reported net income for the fourth quarter of 2010 of $2.4 million, or 4 cents per diluted share. The results compare to a fourth-quarter 2009 net loss of $1.9 million, or 4 cents per diluted share….
More
2/3/2011 – Old Dominion Freight Line Fourth-Quarter Earnings Up 127 Percent
Old Dominion Freight Line reported its fourth-quarter 2010 revenue increased 28.3% to $399 million from $310.9 million for the fourth quarter of 2009, while net income was $22.1 million, up 127.8% from $9.7 million for the fourth quarter of 2009….
More
2/3/2011 – UPS 4th Quarter Earnings Surge; All-Time High Predicted for 2011
UPS announced adjusted better-than-expected earnings this week for the fourth quarter of 2010….
More
2/2/2011 – Landstar Reports 35 Percent Increase in Fourth Quarter Earnings Per Share
Landstar System reported 2010 fourth quarter net income of $24.1 million, or $0.50 per diluted share, compared to net income of$18.6 million, or $0.37 per diluted share, for the 2009 fourth quarter….
More
2/2/2011 – Dupre Logistics Establishes Supply Chain Division
Dupre Logistics, Lafayette, La., has opened the Supply Chain Excellence Division to help clients solve complex supply chain needs….
More
2/2/2011 – FFE Opens Driving School
FFE has opened an FFE Driver Academy in Fort Worth, Texas….
More
2/1/2011 – Interstate Transport Opens Dedicated Asset Division
On the heels of its partnership announcement with DHL Global Forwarding, Interstate Transport Inc. announced the formation of Interstate Dedicated Inc….
More
2/1/2011 – FedEx Expands LTL Offerings
FedEx Freight, a subsidiary of FedEx Corp., launched its new unified less-than-truckload network, offering customers the choice of two levels of service from a single company….
More
1/31/2011 – J.B. Hunt Reports Impressive Q4 Numbers
In its quarterly report released Friday, J.B. Hunt Transport Services said its fourth-quarter net income rose, as its trucking, intermodal and dedicated contract carriage units all reported improvement….
More
1/28/2011 – Covenant Returns to Profitability for 2010
Covenant Transportation Group, Chattanooga, Tenn., reported improved fourth-quarter 2010 numbers compared to the fourth quarter of 2009….
More
1/28/2011 – Household Goods Movers Antitrust Settlement gets Preliminary Approval
A federal court has preliminarily approved a class action lawsuit settlement against several van lines for allegedly violating antitrust regulations. …
More
1/28/2011 – Payne Trucking Inc. Acquired by Napa Transportation, Inc.
Transport Capital Partners, LLC, is pleased to have assisted in the acquisition of certain assets of the dry van division and brokerage division of Payne Trucking, Inc., Fredericksburg, VA by NAPA Transportation, Inc., Mechanicsburg, PA….
More
1/28/2011 – Werner Reports Higher Earnings for Quarter, Year
Werner Enterprises reported improved revenues and earnings for the fourth quarter and for 2010, with fourth-quarter profit rising 34% on higher freight demand….
More
1/27/2011 – Knight Reports Increased Income, Grows Fleet
Phoenix-based Knight Transportation, one of North America’s largest truckload transportation companies, saw net income increase 24 percent for the fourth quarter of 2010 compared to the same quarter of 2009….
More
1/26/2011 – Swift Reports Improved Results for 4Q, 2010
Swift Transportation Company reported a smaller loss for the fourth quarter of 2010 than it did for the same quarter a year earlier….
More
1/26/2011 – Celadon Group Reports Second Fiscal Quarter Financial Results
Celadon Group, Indianapolis, reported its financial and operating results for the three and six months ended December 31, 2010, the second fiscal quarter of the company’s fiscal year ending June 30, 2011….
More
1/26/2011 – NAPA Transportation Buys Payne Trucking
NAPA Transportation, Mechanicsburg, Pa., has acquired certain assets of the dry van division and brokerage division of Payne Trucking Inc., Fredericksburg, Va….
More
1/26/2011 – Logistics, Intermodal, Regional Help Marten Improve Profits
Marten Transport, Mondovi, Wis., reported a 22.2% increase in net income for the fourth quarter of 2010, up to $5.2 million, or 24 cents per diluted share, from $4.3 million, or 19 cents per diluted share, for the fourth quarter of 2009….
More
1/24/2011 – Heartland Express 4Q Earnings Up 44%
Heartland Express, North Liberty, Iowa, reported revenues up 13 percent and net income up 44 percent for the fourth quarter of 2010 compared to a year earlier. For 2010, revenues and net income were both up about 9 percent from 2009….
More
1/24/2011 – U.S. Xpress Founders Look Back, Forward During 25th Anniversary Event
U.S. Xpress Enterprises celebrated the 25th anniversary of its first load of freight Friday – but its co-chairmen said it would be very difficult to duplicate their accomplishments in today’s business and regulatory environment….
More
1/21/2011 – ABF Appeals YRC-Teamsters Decision
ABF Freight System is taking its challenge to competitor YRC’s deal with the Teamsters union to the U.S. Court of Appeals….
More
1/20/2011 – Con-way Freight Introduces SafeStack Cargo Loading System Fleetwide
Con-way Freight announced the nationwide deployment of SafeStack, an advanced load management and cargo protection system, installed across its less-than-truckload fleet of 16,800 freight trailers in North America….
More
1/20/2011 – Henderson Trucking Opens St. Louis Facility
Earl L. Henderson Trucking formally opened a new facility in the St. Louis area this week, and has also ordered 183 new Freightliner Cascadia tractors….
More
1/18/2011 – FFE Transportation Services Opens Ontario, Calif. Service Center
FFE Transportation Services, Inc. has opened a new service center in Ontario, CA in an effort to expand service, meet rising demand, and greatly increase capacity in the western United States temperature-controlled LTL market….
More
1/17/2011 – Vitran Plans to Buy Milan Express LTL Biz
Toronto-based less-than-truckload carrier Vitran Corp. announced it intents to expand into the Southeast buy buying Milan Express’ LTL business….
More
1/14/2011 – Transport America Buys Southern Cal Transport
Transport America, Egan, Minn., announced its acquisition of Birmingham, Ala.-based Southern Cal Transport. The merger will create a company with more than 2,200 drivers, making it one of the top 15 for-hire dry van truckload carriers in the United States….
More
1/14/2011 – USA Truck Forms Scholarship Program
USA Truck, Van Buren, Ark., announced the USA Truck Scholarship Program, designed to help eligible children of USA Truck employees pursue post-secondary educational opportunities….
More
1/11/2011 – Werner Launches Werner Cares Website
Werner Enterprises, Omaha, Neb., launched a new website, Wernercares.com, to promote safety-related and wellness issues to the general public as well as truck drivers both inside and outside the company….
More
1/6/2011 – TCA Announces National Fleet Safety Awards Division Winners
Eighteen companies have been selected as division winners in the Truckload Carriers Association’s 35th Annual National Fleet Safety Awards. Sponsored by Great West Casualty Company, the awards recognize trucking companies that demonstrate a superior commitment to safety and accident reduction….
More
1/5/2011 – Class 8 Orders Top 25,000 Second Straight Month
December preliminary net orders of heavy-duty Class 8 commercial vehicles for North American markets were 25,500 units, according to ACT Research Co….
More
12/31/2010 – Meijer Donates Trucks to Food Banks and Other Organizations
The Meijer Supercenter chain has donated 35 reconditioned semi-tractors valued at $500,000 to local food banks, academic organizations and law enforcement agencies throughout the Midwest….
More
12/30/2010 – Mullen Group Expanding Oil Field Capabilities in Western Canada
Mullen Group Ltd. announced today a number of transactions that will expand its fluid handling and hauling capabilities in northern Alberta and northeastern British Columbia….
More
12/27/2010 – Dart Buys Fil-Mor Equipment, Offers Jobs
The Dart Network of companies has purchased assets from Fil-Mor Express, a dry van truckload carrier based in Cannon Falls, Minn. that discontinued service on December 17….
More
12/24/2010 – Panther Raises $25,000 on Behalf of Toys for Tots
Panther Expedited Services has raised and donated $25,000 in cash and more than 200 toys on behalf of Toys for Tots….
More
12/21/2010 – Landstar Names Employees of the Year
Landstar has named Annette Forster, Emily Grantham, Kris Johnson and Zsanett Vasahlik Employees of the Year for 2010….
More
12/21/2010 – Prime Inc. Increasing Tanker Driver Starting Pay by 23 Percent
Company drivers at Prime Inc. starting as tanker drivers will now start at 41 cents per mile, the company says. Previously, drivers in the tank division started at 34 cents per mile….
More
12/20/2010 – ABF Suit Against YRC, Teamsters Dismissed
A federal judge on Thursday dismissed a lawsuit ABF Freight System filed against rival YRC Worldwide and the Teamsters aimed at blocking a labor agreement central to YRC’s survival….
More