Operating income in the fourth quarter increased 52.6 percent to $218.85 million and nearly 42 percent in 2018 to $817.05 million.
Old Dominion’s capital expenditures were $118.4 million in the fourth quarter and $588.3 million for the year. The company expects capital expenditures in 2019 of about $490 million, which includes $220 million for real estate and service center expansion projects, $175 million for tractors and trailers and $95 million for technology and other assets.
Werner reported a 14 percent increase in its 2018 fourth-quarter revenues, which grew to $646.37 million. Overall, the company’s yearly revenue grew 16 percent to $2.46 billion in 2018.
Fourth-quarter operating income rose 66 percent to $74.93 million and the 2018 full-year operating income increased 56 percent to $224.22 million.
The Omaha, Neb.-based company reported a 75 percent increase in net capital expenditures in 2018 from 2017, totaling $349 million. Net capital expenditures are “expected to moderate” in 2019, according to a press release.
The company reported a 61 percent drop in fourth-quarter net income, which fell to $54.56 in the final three months of 2018. Net income also fell to $168.15 million in 2018, down 17 percent from the previous year.
Werner also is appealing a $90 million judgment against from May in which a jury in Houston found the company liable for a fatal 2014 crash. The company accrued $1.2 million of insurance and claims expense during the fourth quarter for post-judgment interest related to the verdict. The company expects to accrue $1.2 million every quarter until the outcome of the appeal is finalized.
Echo Global Logistics
Echo’s fourth-quarter revenue increase was the smallest among the three companies — up 6.4 percent from 2017 to $583 million — but its 2018 full-year revenue grew the most, increasing 25.6 percent to $2.44 billion.
The Chicago-based company reported its fourth-quarter net income was $6.9 million. The income was a 48 percent drop from the same 2017 period, which included an $8.9 million income tax benefit resulting from the Tax Cuts and Jobs Act.
Echo’s fourth-quarter managed transportation revenue increased 13.7 percent to $133.6 million, and its transactional revenue increase 3.7 percent to $449.3 million.
“We expect full-year 2019 revenue to be in the range of $2.35 billion to $2.55 billion,” said Echo CFO Kyle Sauers. “We also expect first-quarter revenue to be between $530 million and $570 million.”