Old Dominion Freight Line profit rises 6 % on freight gain

Old Dominion said tonnage rose 10.2 percent, a little more than the company expected. Weight per shipment rose 7.1 percent, and the number of shipments rose 2.8 percent.

The Associated Press

7/24/2008

THOMASVILLE, N.C. — Trucking company Old Dominion Freight Line Inc. said Thursday its second-quarter earnings rose almost 6 percent as shipping volume increased and price increases helped offset rising fuel bills.

The company earned $23.9 million, or 64 cents per share, up from $22.5 million, or 60 cents per share, during the same period last year. Revenue rose 16.2 percent to $417.8 million from $359.6 million.

The company said the results included the resolution of a customer pricing issue that brought in $2 million in revenue, adding 3 cents per share to profit.

Analysts surveyed by Thomson Financial expected earnings of 60 cents per share on revenue of $417 million.

Old Dominion said tonnage rose 10.2 percent, a little more than the company expected. Weight per shipment rose 7.1 percent, and the number of shipments rose 2.8 percent.

Shares of Old Dominion fell 61 cents to $34.68 in morning trading.