Old Dominion Freight Line, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2024, on February 5, 2025. The company reported diluted earnings per share (EPS) of $1.23, surpassing analyst estimates of $1.17 per share.
Total revenue for the fourth quarter was $1.39 billion, a 7.3% decrease year-over-year, though it exceeded Street forecasts of $1.38 billion. The operating ratio increased by 410 basis points to 75.9%, primarily due to the deleveraging effect of lower revenue on operating expenses and increased miscellaneous expenses.
LTL tons per day decreased by 8.2% in the quarter, reflecting ongoing softness in the domestic economy. However, LTL revenue per hundredweight, excluding fuel surcharges, increased by 3.8%, demonstrating the company's continued success in yield management.
For the full year 2024, net income was $1.19 billion, or $5.48 per diluted share, on total revenue of $5.81 billion. The Board of Directors also declared a first-quarter 2025 dividend of $0.28 per share, representing a 7.7% increase compared to the quarterly cash dividend paid in the first quarter of 2024, after adjusting for the March 2024 stock split.
The company projects aggregate capital expenditures for 2025 to be approximately $575 million, including $300 million for real estate, $225 million for tractors and trailers, and $50 million for information technology and other assets. This investment plan supports future growth and network expansion.
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