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April 22 , 2021 OLD DO INION e FREIGHT LINE Old Dominion Freight Line Reports First Quarter 2021 Earnings Per Diluted Share Of $ 1.70 Operating Ratio Improves to a First - Quarter Company Record of 76.1 % THOMASVILLE , N.C .-- ( BUSINESS WIRE ) -- Old Dominion Freight Line , Inc. ( Nasdaq : ODFL ) today announced financial results for the three - month period ended March 31 , 2021 . ( In thousands , except per share amounts ) Total revenue LTL services revenue Other services revenue Operating income Operating ratio Net income Diluted earnings per share Three Months Ended March 31 , 2021 2020 % Chg . $ 1,126,515 $ 987,364 14.1 % $ 1,109,622 $ 974,431 13.9 % $ 16,893 $ 12,933 30.6 % $ 269,657 $ 183,170 47.2 % 76.1 % 81.4 % $ 199,359 $ 133,177 49.7 % $ 1.70 $ 1.11 53.2 % 117,256 119,806 Diluted weighted average shares outstanding ( 2.1 ) % " Old Dominion produced strong profitable growth in the first quarter of 2021 that included double - digit increases in both revenue and operating income , ” said Greg C. Gantt , President and Chief Executive Officer of Old Dominion . " We are winning market share as demand for our industry - leading service continues to increase . In addition , we believe the domestic economy is getting stronger while industry capacity is generally limited . We are encouraged by these trends and believe the combination of our value proposition , existing capacity , and ongoing investments to expand our capacity will support future revenue growth opportunities . " Our revenue increased 14.1 % in the first quarter due primarily to an 8.3 % increase in LTL tons and a 5.6 % increase in LTL revenue per hundredweight . The increase in LTL tons included a 6.9 % increase in LTL shipments and a 1.3 % increase in LTL weight per shipment . The improvement in freight density across our network created operating leverage that helped improve our aggregate overhead costs as a percent of revenue . Operating efficiencies and the increase in yield also contributed to the improvement in our direct operating costs as a percent of revenue . As a result , our operating ratio improved 530 basis points to a new first - quarter Company record of 76.1 % . We also added a significant number of new employees to our team during the quarter and were pleased that our team operated so efficiently while also maintaining our best - in - class service metrics . We intend to continue to increase our workforce in the second quarter to support the ongoing acceleration in volumes . "