North Carolina-based Old Dominion Freight Line, the sixth largest LTL carrier in the United States, said its 2009 revenue fell to $1.25 billion from $1.54 billion the previous year.
Net income was $34.9 million for 2009 compared with $68.7 million in 2008.
Revenue for the fourth quarter was $310.9 million compared with $335.8 million for the same period in 2008. Net income was $9.7 million compared with $11.0 million for the fourth quarter of the previous year.
Earl Congdon, executive chairman of Old Dominion commented, “We expect the company’s performance for the fourth quarter will again compare favorably with our industry peer group. We saw some signs of market stabilization in the fourth quarter of 2009, although industry demand remains significantly below pre-recession levels and overcapacity in the industry persists.”
Congdon added, “We also remain confident that industry trends favoring providers of integrated, comprehensive, low cost and high quality services will continue to support long-term growth and increased shareholder value for Old Dominion.”
Air Cargo World published a profile of Old Dominion Freight Line in its Feb. 2010 print issue. http://www.aircargoworld.com/Magazine/Features/Never-hand-a-trucker-a-dead-fish