Old Dominion Freight Line, Inc. (ODFL) stock jumped over 4% today after the North American trucking provider announced financial results for the fourth quarter and full year of 2021.
The company reported revenue of $1.4 billion for the quarter, a 31% increase year-over-year.
Diluted EPS for the quarter came in at $2.41, a whopping 49.7% increase from the same period last year.
LTL Revenue Jump
Old Dominion's massive growth was driven by a 16.1% increase in less-than-truckload (LTL) revenue per hundredweight and a 14.3% increase in LTL tons per day.
The increase in LTL tons included a 17.5% increase in LTL shipments per day.
Greg C. Gantt, President, and CEO commented, "Our financial results for the quarter – and the year – continue to reflect the consistent execution of our long-term strategic plan."
"As part of this plan, we focus on providing superior service at a fair price while also consistently investing in our capacity to support anticipated growth in future periods."
Less-than-truckload shipping is the transportation of a particular amount of weight.
Looking Ahead
Encouragingly, Gantt does not believe that the company's accelerated growth rate will decrease, stating, "We do not expect any near-term changes in our customer demand trends and believe our service and capacity advantages will continue to support our ability to win additional market share throughout 2022."
The company's average number of full-time employees increased 20.3% during the fourth quarter and plans to hire additional employees in 2022 to support the company's anticipated growth.
Additionally, Gantt stated that the company "expects to continue to utilize purchased transportation to support the capacity of both our people and our fleet during 2022.”
