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Sep 30, 2022
Old Dominion Q3 2022 Earnings Report
Old Dominion's Q3 2022 financial results showed double-digit growth in both revenue and profitability, with an improved operating ratio.
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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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