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Old Dominion Freight Line Q4 Net Jumps 47%, Beats Expectations

Old Dominion Freight Line, Inc. (ODFL) on Wednesday announced financial results for the three-month period ended December 31, 2021 that showed 31 percent jump in revenue and 47 percent jump in net income. The company beat Street's expectations of earnings as well as revenue.

Net Income for the period was $278.8 million or $2.41 per share as compared to $189.8 million or $1.61 per share in the last quarter of the previous fiscal. On average, 17 analysts polled by Thomson Reuters were expecting the company to report earnings of $2.26 per share. Analysts typically exclude one-time items.

Total Revenue for the period was $1.41 billion, a growth of 31.4 percent from the level of $1.07 billion in the year-ago quarter. On average, 13 analysts polled by Thomson Reuters were expecting the company to report revenues of $1.38 billion.

Operating Income increased by 47 percent to $372.5 million from the level of $254.3 million in the last quarter of 2020.

The Company's Board of Directors has declared a first-quarter dividend of $0.30 per share, representing a 50 percent increase to the quarterly cash dividend paid in the first quarter of 2021. The dividend is payable on March 16 to shareholders of record on March 2.

The Company expects its aggregate capital expenditures for 2022 to total approximately $825 million, including planned expenditures of $300 million for real estate and service center expansion projects; $485 million for tractors and trailers; and $40 million for information technology and other assets.

The company does not expect any near-term changes in the customer demand trends and believes that its service and capacity advantages would continue to support its ability to win additional market share throughout 2022.

Shares of Old Dominion Freight Line are currently trading in pre-market at $310, up $3.81 or 1.24 percent from previous close.

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