Exhibit 99.1

 

 

 

Contact:

Adam N. Satterfield

 

Senior Vice President, Finance and

Chief Financial Officer

 

(336) 822-5721

 

OLD DOMINION FREIGHT LINE REPORTS FIRST QUARTER 2021

EARNINGS PER DILUTED SHARE OF $1.70

 

Operating Ratio Improves to a First-Quarter Company Record of 76.1%

 

THOMASVILLE, N.C. – (April 22, 2021) – Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today announced financial results for the three-month period ended March 31, 2021.

 

Three Months Ended

 

 

 

 

March 31,

 

 

 

(In thousands, except per share amounts)

2021

 

 

2020

 

 

% Chg.

 

Total revenue

$

1,126,515

 

 

$

987,364

 

 

 

14.1

%

LTL services revenue

$

1,109,622

 

 

$

974,431

 

 

 

13.9

%

Other services revenue

$

16,893

 

 

$

12,933

 

 

 

30.6

%

Operating income

$

269,657

 

 

$

183,170

 

 

 

47.2

%

Operating ratio

 

76.1

%

 

 

81.4

%

 

 

 

 

Net income

$

199,359

 

 

$

133,177

 

 

 

49.7

%

Diluted earnings per share

$

1.70

 

 

$

1.11

 

 

 

53.2

%

Diluted weighted average shares outstanding

 

117,256

 

 

 

119,806

 

 

 

(2.1

)%

“Old Dominion produced strong profitable growth in the first quarter of 2021 that included double-digit increases in both revenue and operating income,” said Greg C. Gantt, President and Chief Executive Officer of Old Dominion. “We are winning market share as demand for our industry-leading service continues to increase. In addition, we believe the domestic economy is getting stronger while industry capacity is generally limited. We are encouraged by these trends and believe the combination of our value proposition, existing capacity, and ongoing investments to expand our capacity will support future revenue growth opportunities.

“Our revenue increased 14.1% in the first quarter due primarily to an 8.3% increase in LTL tons and a 5.6% increase in LTL revenue per hundredweight. The increase in LTL tons included a 6.9% increase in LTL shipments and a 1.3% increase in LTL weight per shipment. The improvement in freight density across our network created operating leverage that helped improve our aggregate overhead costs as a percent of revenue. Operating efficiencies and the increase in yield also contributed to the improvement in our direct operating costs as a percent of revenue. As a result, our operating ratio improved 530 basis points to a new first-quarter Company record of 76.1%. We also added a significant number of new employees to our team during the quarter and were pleased that our team operated so efficiently while also maintaining our best-in-class service metrics. We intend to continue to increase our workforce in the second quarter to support the ongoing acceleration in volumes.”

 

- MORE -


The following information was filed by Old Dominion Freight Line Incva (ODFL) on Thursday, April 22, 2021 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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