Old Dominion Freight Line Reports Fourth Quarter 2024 Earnings and Announces Dividend Increase

Old Dominion Freight Line, Inc. (Nasdaq: ODFL) reported its financial results for the fourth quarter and full year of 2024, with a 7.3% decrease in quarterly revenue to $1.39 billion. Net income for the quarter was $263.1 million, down 18.5% from the same period in 2023, and diluted earnings per share dropped 16.3% to $1.23. The company attributed the decline primarily to an 8.2% decrease in LTL tons per day.

Despite the revenue drop, the company maintained strong service performance with a 99% on-time delivery rate and a cargo claims ratio below 0.1%. Operating income for the quarter also declined by 20.7%, and the operating ratio worsened to 75.9% due to the revenue drop.

Old Dominion generated $401.1 million in net cash from operating activities during the quarter and announced plans for capital expenditures in 2025 totaling $575 million.

In a positive development for shareholders, the company declared a 7.7% increase in its quarterly dividend, raising it to $0.28 per share, payable on March 19, 2025. This increase follows the company's March 2024 two-for-one stock split.