Exhibit 99.1
logoa33.jpg
 
  
 
Contact:
Adam N. Satterfield
 
  
 
  
Senior Vice President - Finance and Chief Financial Officer
 
  
 
  
(336) 822-5721

OLD DOMINION FREIGHT LINE ANNOUNCES REVENUE GROWTH OF 19.5%
FOR THE FOURTH QUARTER OF 2017

QUARTERLY CASH DIVIDEND TO INCREASE 30% TO $0.13 PER SHARE

THOMASVILLE, N.C. - (February 8, 2018) - Old Dominion Freight Line, Inc. (NASDAQ: ODFL) today announced financial results for the three-month and twelve-month periods ended December 31, 2017. The financial results for the fourth quarter of 2017 include $9.8 million of expense related to a special bonus paid in December to non-executive employees following the passage of the Tax Cuts and Jobs Act. This Act also required the Company to revalue its net deferred tax liability, which resulted in a net tax benefit of $104.9 million that is included in the 2017 results presented below:
 
 
Three Months Ended
 
 
 
Twelve Months Ended
 
 
 
 
December 31,
 

 
December 31,
 
 
(In thousands, except per share amounts)
 
2017
2016
%
Chg.
 
2017
2016
%
Chg.
Revenue
 
$
891,117

 
$
745,738

 
19.5
 %
 
$
3,358,112

 
$
2,991,517

 
12.3
 %
Operating income
 
$
143,457

 
$
113,447

 
26.5
 %
 
$
575,886

 
$
483,835

 
19.0
 %
Operating ratio
 
83.9
%
 
84.8
%
 
 
 
82.9
%
 
83.8
%
 
 
Net income
 
$
197,250

 
$
68,511

 
187.9
 %
 
$
463,774

 
$
295,765

 
56.8
 %
Basic earnings per share
 
$
2.40

 
$
0.83

 
189.2
 %
 
$
5.63

 
$
3.56

 
58.1
 %
Diluted earnings per share
 
$
2.39

 
$
0.83

 
188.0
 %
 
$
5.63

 
$
3.56

 
58.1
 %
Basic weighted average shares outstanding
 
82,282

 
82,381

 
(0.1
)%
 
82,308

 
83,112

 
(1.0
)%
Diluted weighted average shares outstanding
 
82,376

 
82,450

 
(0.1
)%
 
82,407

 
83,154

 
(0.9
)%
“Old Dominion produced Company-record results for both revenue and operating income in the fourth quarter,” said David S. Congdon, Vice Chairman and Chief Executive Officer of Old Dominion. “We were pleased to see an acceleration in our revenue growth, which continued the momentum that began earlier in 2017. We believe that this growth was the result of continued strength in the domestic economy as well as our ability to win market share by providing shippers with network capacity and a value proposition that includes superior service at a fair price. Our superior service offering during the fourth quarter included on-time deliveries of 99% and a cargo claims ratio of less than 0.3%.

“Revenue for the fourth quarter increased 19.5%, which consisted of a 14.4% increase in LTL tonnage and a 5.1% increase in LTL revenue per hundredweight. The increase in our LTL tonnage included an 11.4% increase in LTL


- MORE -

The following information was filed by Old Dominion Freight Line Incva (ODFL) on Thursday, February 8, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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