Exhibit 99.1

 

 

 

Contact:

Adam N. Satterfield

 

Senior Vice President, Finance and

Chief Financial Officer

 

(336) 822-5721

 

OLD DOMINION FREIGHT LINE REPORTS FOURTH QUARTER 2019

EARNINGS PER DILUTED SHARE OF $1.80

 

QUARTERLY CASH DIVIDEND TO INCREASE 35.3% TO $0.23 PER SHARE

 

THOMASVILLE, N.C. – (February 6, 2020) – Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today announced financial results for the three-month and twelve-month periods ended December 31, 2019, which include the following:

 

 

Three Months Ended

 

 

 

 

 

Twelve Months Ended

 

 

 

 

 

December 31,

 

 

 

 

 

December 31,

 

 

 

 

(In thousands, except per share amounts)

2019

 

2018

 

%

Chg.

 

 

 

2019

 

2018

 

%

Chg.

 

 

Total revenue

$

1,009,206

 

 

$

1,026,944

 

 

 

(1.7

)%

 

 

$

4,109,111

 

 

$

4,043,695

 

 

 

1.6

%

 

LTL services revenue

$

996,603

 

 

$

1,011,259

 

 

 

(1.4

)%

 

 

$

4,055,467

 

 

$

3,982,658

 

 

 

1.8

%

 

Other services revenue

$

12,603

 

 

$

15,685

 

 

 

(19.6

)%

 

 

$

53,644

 

 

$

61,037

 

 

 

(12.1

)%

 

Operating income

$

188,264

 

 

$

218,845

 

 

 

(14.0

)%

 

 

$

818,706

 

 

$

817,051

 

 

 

0.2

%

 

Operating ratio

 

81.3

%

 

 

78.7

%

 

 

 

 

 

 

 

80.1

%

 

 

79.8

%

 

 

 

 

 

Net income

$

144,024

 

 

$

159,459

 

 

 

(9.7

)%

 

 

$

615,518

 

 

$

605,668

 

 

 

1.6

%

 

Diluted earnings per share

$

1.80

 

 

$

1.95

 

 

 

(7.7

)%

 

 

$

7.66

 

 

$

7.38

 

 

 

3.8

%

 

Diluted weighted average shares outstanding

 

79,866

 

 

 

81,587

 

 

 

(2.1

)%

 

 

 

80,406

 

 

 

82,020

 

 

 

(2.0

)%

 

“Old Dominion’s financial results for the fourth quarter and year reflect our continued focus on revenue quality and cost control during a challenging operating environment,” said Greg C. Gantt, President and Chief Executive Officer of Old Dominion Freight Line.  “The industrial economy remained sluggish during the fourth quarter, which contributed to the year-over-year decrease in revenue for the second straight quarter.  Our tonnage also declined compared to the fourth quarter last year, although we were pleased to see our yield continue to improve and our volumes begin to stabilize.  

“Our revenue in the fourth quarter included a 4.5% reduction in LTL tons that was partially offset by a 2.7% increase in LTL revenue per hundredweight.  Excluding fuel surcharges, our LTL revenue per hundredweight increased 4.0% over the same period last year. Although our volumes declined during the quarter, our superior service allowed us to maintain our price discipline and market share.  Our industry-leading service included on‑time performance of 99% and a cargo claims ratio of 0.2% during the fourth quarter.

“The operating ratio for the fourth quarter increased 260 basis points to 81.3%.  Despite this increase, we operated with efficiency during the quarter and also did a good job of managing our discretionary costs.  Our fringe benefit costs, however, were significantly higher and increased to 39.7% of salaries and wages as compared to 30.7% for the fourth quarter of 2018.  Total fringe benefit costs for the fourth quarter of 2019 included $17.1 million of phantom stock expense that resulted from both the increase in our share price during the quarter as well as the previously disclosed plan amendments that were implemented in December 2019.”

- MORE -


The following information was filed by Old Dominion Freight Line Incva (ODFL) on Thursday, February 6, 2020 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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