During the second quarter, Old Dominion experienced an 8-percent increase in revenue compared to 2012, ending the period at $590.2 million, as net income rose by 21 percent, to $58.3 million, year over year.
Revenue so far this year stands at $1.13 billion, a year-over-year increase of 7.6 percent. On the year, net income is up by 25.2 percent.
The quarterly revenue growth came from a tonnage-per-day increase of 5.6 percent, year over year, and revenue-per-hundredweight growth of 2.4 percent.
“We are pleased to report that Old Dominion continued to produce outstanding results for the second quarter of 2013,” David S. Congdon, ODU’s chief executive officer, said in a statement. “This performance during a period of generally slow economic growth further demonstrates the strength of our value proposition of providing on-time and claims-free services at a fair and equitable price.”
He added that on-time delivery finished the quarter at 99 percent, and ODU’s claims ratio was 0.31 percent.
Congdon said that an improved industry-wide pricing environment also helped ODU achieve solid quarterly results. - Jon Ross