Exhibit 99.1
logoa39.jpg
 
  
 
Contact:
Adam N. Satterfield
 
  
 
  
Senior Vice President - Finance and Chief Financial Officer
 
  
 
  
(336) 822-5721

OLD DOMINION FREIGHT LINE PRODUCES STRONG FIRST-QUARTER FINANCIAL RESULTS, WITH 22.7% GROWTH IN REVENUE AND 66.3% GROWTH IN EARNINGS PER DILUTED SHARE

Achieves Company Record First-Quarter Operating Ratio of 83.9%

THOMASVILLE, N.C. - (April 26, 2018) - Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today announced financial results for the three-month period ended March 31, 2018, which include the following:

 
 
Three Months Ended
 
 
 
 
March 31,
 
 
(In thousands, except per share amounts)
 
2018
2017
%
Chg.
Total revenue
 
$
925,020

 
$
754,096

 
22.7
 %
        LTL services revenue
 
$
911,054

 
$
740,186

 
23.1
 %
        Other services revenue
 
$
13,966

 
$
13,910

 
0.4
 %
Operating income
 
$
149,340

 
$
108,122

 
38.1
 %
Operating ratio
 
83.9
%
 
85.7
%
 
 
Net income
 
$
109,333

 
$
65,792

 
66.2
 %
Diluted earnings per share
 
$
1.33

 
$
0.80

 
66.3
 %
Diluted weighted average shares outstanding
 
82,356

 
82,444

 
(0.1
)%
“Old Dominion had a great start to 2018, with first-quarter results that included many new Company records. We had our fourth consecutive quarter of double-digit revenue growth, and our quarterly revenue exceeded $900 million for the first time in our history,” commented Greg C. Gantt, the Company’s President and Chief Operating Officer, who, as previously announced, will transition to the combined role of President and Chief Executive Officer effective May 16, 2018. “The domestic economy continues to be strong, and we believe our ability to deliver superior service in this favorable operating environment will position us to win additional market share. The strength of our revenue growth contributed to a 180 basis-point improvement in our operating ratio for the quarter, and these factors, when combined with the substantial reduction in our income tax rate due to the Tax Cuts and Jobs Act, drove a 66.3% increase in earnings per diluted share.”
“Revenue for the quarter increased 22.7%, due primarily to a 15.4% increase in LTL tons and a 5.9% increase in LTL revenue per hundredweight. The growth in LTL tons reflects a 10.5% increase in LTL shipments and a 4.5% increase in LTL weight per shipment. Even with the increase in LTL weight per shipment and 0.7% decline in length


- MORE -

The following information was filed by Old Dominion Freight Line Incva (ODFL) on Thursday, April 26, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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