ODFL - Old Dominion Freight Line posts record annual revenue profits

Old Dominion Freight Line ( NASDAQ: ODFL ) notched a big bottom line beat for the fourth quarter, benefiting from efficiency improvements.

The North Carolina-based transportation company reported $2.92 in earnings per share, $0.25 above consensus estimates while $1.49B in revenue only narrowly missed expectations. The trucking company’s operating ratio improved 240 basis points from the prior year to 71.2%. Pricing moves in the lighter-than-truckload business also helped offset volume declines and cost inflation.

“Old Dominion produced fourth quarter financial results that allowed us to finish the year with company records for annual revenue and profitability,” CEO Greg C. Gantt said. “The results for both the quarter and the year reflect a continued focus on the consistent execution of our long-term strategic plan.”

He added that operational improvements and a sharp decrease in purchased transportation costs helped drive performance.

The company also announced that Gantt will be departing his post atop the company in the summer. Current COO Kevin Freeman will accede to the role as of July 1 .

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