Old Dominion sets revenue record

Old Dominion Freight Line Inc. has announced its revenue from operations for full-year 2002 increased 12.8% to a record $566,459,000 and its net income rose 55.1% to $18,462,000. For the fourth quarter, revenue from operations increased 20.3% to $149,712,000, and net income increased 31.7% to $5,463,000. "The fourth quarter capped a year of strong performance for Old Dominion, as we executed well

Old Dominion Freight Line Inc. has announced its revenue from operations for full-year 2002 increased 12.8% to a record $566,459,000 and its net income rose 55.1% to $18,462,000.

For the fourth quarter, revenue from operations increased 20.3% to $149,712,000, and net income increased 31.7% to $5,463,000.

"The fourth quarter capped a year of strong performance for Old Dominion, as we executed well against our principal growth strategies," CEO Earl E. Congdon said.

Congdon added that the fourth-quarter growth was driven by a 17.4% increase in LTL shipments and a 4.2% increase in revenue per LTL shipment. He added that the carrier also benefited from the September closure of Consolidated Freightways.

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