Old Dominion Freight Line, Inc. (NASDAQ: ODFL) said third-quarter revenue was $616.5 million, a 12% increase from $550.5 million for the third quarter of 2012.
Net income increased 17.8% to $60.1 million for the third quarter of 2013 from $51 million for the third quarter last year, while earnings per diluted share rose 18.6% to $0.70 from $0.59 for the prior-year quarter. Old Dominion's operating ratio improved to 84.1% for the third quarter of 2013 compared with 85.3% for the third quarter of 2012.
For the first nine months of 2013, revenue was $1.75 billion, up 9% from $1.60 billion for the first nine months of 2012. Net income increased 22.3% to $159 million for the first nine months of 2013 from $130 million for the same period in 2012, while earnings per diluted share grew 21.9% to $1.84 from $1.51. The company's operating ratio improved to 85.0% for the first nine months of 2013 from 86.4% for the first nine months of 2012.
"Old Dominion continued to produce strong profitable growth during the third quarter of 2013 with an 18.6% increase in earnings per diluted share,” said David S. Congdon, President and Chief Executive Officer of Old Dominion. “Our results reflect our ongoing ability to win market share and increase revenue despite a period of slow economic growth. In addition, we maintained our pricing philosophy and focus on operating efficiencies, which contributed to the 120 basis-point improvement in our industry-leading operating ratio. Our success demonstrates the demand in our industry for superior service at a fair and equitable price, which is the value proposition we provide.
"Our revenue growth for the quarter was driven by a 9.6% increase in total tons, or a 7.9% increase in tons per day, and a 3.3% increase in revenue per hundredweight as compared with the third quarter of 2012. Revenue per hundredweight, excluding fuel surcharges, increased 3.6% and highlights the effectiveness of our yield management process, especially given the negative impact on this metric exerted by the 0.1% decline in average length of haul and 0.8% increase in weight per shipment. The combination of yield improvement and increased density led to the improvement in our operating ratio to 84.1%, which is a new third quarter record for our company."