Old Dominion Q3 2022 Earnings Report
Key Takeaways
Old Dominion Freight Line reported a strong third quarter with a 14.5% increase in total revenue and a 31.7% increase in net income compared to the same period last year. The operating ratio improved to 69.1%, and earnings per diluted share rose by 36.0% to $3.36.
Total revenue increased by 14.5% due primarily to a 17.4% increase in LTL revenue per hundredweight.
Operating ratio improved to 69.1% due to increased yield and disciplined cost control.
Net income increased by 31.7% compared to the third quarter of 2021.
Earnings per diluted share increased by 36.0% to $3.36.
Old Dominion
Old Dominion
Old Dominion Revenue by Segment
Forward Guidance
The Old Dominion team delivered revenue growth and operating ratio improvement during the third quarter that helped produce the 36.0% increase in our earnings per diluted share. We are fully committed to our long-term strategic plan and remain focused on providing our customers with superior service at a fair price. We must also continue to invest in our OD Family of employees, our fleet, and our service center network to support our long-term growth initiatives. We have the financial strength to support these initiatives and, despite uncertainty with the domestic economy, we believe these ongoing investments are necessary to drive the long-term success of our business and increase shareholder value.
Revenue & Expenses
Visualization of income flow from segment revenue to net income