THOMASVILLE, N.C. — Old Dominion Freight Line Inc. said Thursday its fourth-quarter profit fell, but tonnage on the less-than-truckload carrier declined more slowly -- and even picked up in December.
The company said it earned $9.7 million, or 26 cents per share, compared with $11 million, or 30 cents per share, in the fourth quarter of 2008.
Revenue fell to $310.9 million from $335.8 million, in the same period of 2008.
Analysts surveyed by Thomson Reuters, on average, expected profit of 23 cents per share on revenue of $310 million.
Tonnage fell 4.4 percent in the quarter from a year earlier -- an improvement from the double-digit declines logged in the other three quarters of 2009. Tonnage increased slightly in December compared with December 2008, the company said, the only gain during the year.
The company said it saw “some signs of market stabilization in the fourth quarter,” although still at pre-recession levels. Freight demand remained weak and prices were soft.
For all of 2009, the company earned $34.9 million, or 94 cents per share, compared with $68.7 million, or $1.84 per share, in 2008. Revenue was $1.25 billion, down from $1.54 billion.
Kevin Jones of The Trucker staff can be reached for comment at firstname.lastname@example.org.
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