Old Dominion Freight Line, Inc. (NASDAQ: ODFL) announced that net income was $85.6 million for the second quarter of 2015, a 15.9% increase from $73.8 million for the second quarter last year, and revenue increased 8.4% to $762.2 million from $703 million.
Earnings per diluted share were $1.00, a 16.3% increase from $0.86 for the prior-year quarter. Old Dominion's operating ratio improved 100 basis points to 81.5% for the second quarter of 2015 from 82.5% for the second quarter of 2014.
For the first six months of 2015, revenue grew 10.2% to $1.46 billion from $1.32 billion for the same period in 2014. Net income increased 23.7% to $148.1 million for the first half of 2015 from $119.7 million for the first half of 2014, while earnings per diluted share rose 24.5% to $1.73 from $1.39. Old Dominion's operating ratio improved 150 basis points to 83.2% for the first six months of 2015 from 84.7% for the first six months of 2014.
"We are pleased with Old Dominion's performance for the second quarter of 2015, which includes our best-ever quarterly results for revenue, operating ratio and earnings per share," commented David S. Congdon, the Company's Vice Chairman and Chief Executive Officer. "We believe these second-quarter results reflect our continued ability to win market share while also maintaining our focus on yield management. The combination of these factors, as well as continued improvements in our operating efficiency, contributed to the year-over-year improvement in our operating ratio and record profitability.
"Our LTL tons per day for the second quarter of 2015 increased 9.1% compared with the second quarter of 2014 due to the 13.4% increase in LTL shipments, which was partially offset by the 3.8% decline in LTL weight per shipment. Our LTL revenue per hundredweight for the quarter declined 0.8%, due in part to the significant decrease in fuel surcharge revenue between the periods compared. LTL revenue per hundredweight excluding fuel surcharges, however, increased 5.3% during the second quarter of 2015, which reflects a stable pricing environment as well as the positive impact on this metric from the decrease in weight per shipment during the quarter.
"Capital expenditures totaled $159.1 million and $231.3 million for the second quarter and first half of 2015, respectively. These investments are consistent with our long-term strategy of maintaining and expanding the capacity of our service center network and fleet, as well as leveraging our productivity and improving customer service through technology enhancements. We expect capital expenditures to total $469.3 million for 2015, including planned expenditures of $164.7 million for real estate and service center expansion projects, $277.8 million for tractors, trailers and other equipment and $26.8 million for technology and other assets."