October 26, 2017 / 11:43 AM / a month ago

Economy, higher prices lift profit at trucking firm Old Dominion

Oct 26 (Reuters) - Trucking firm Old Dominion Freight Line Inc said on Thursday its quarterly net income climbed, driven by a strengthening economy and higher prices it charges for the freight it carries because of tightening industry capacity.

The Thomasville, North Carolina-based company announced third-quarter earnings per diluted share of $1.24, up 20.4 percent from a year earlier.

“The strengthening economy supported our third quarter revenue growth, but we also believe that tightening industry capacity and pricing increases accelerated the pace of our revenue growth for September,” David Congdon, Old Dominion Chief Executive Officer said in a statement.

The company’s third-quarter revenue was $873 million. Analysts had expected revenue of $855.5 million and earnings per share of $1.16.

Reporting by Eric M. Johnson in Seattle; Editing by Bernadette Baum

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