Page 1

July 28 , 2021 ( In thousands , except per share amounts ) Total revenue LTL services revenue Other services revenue Old Dominion Freight Line Reports Second Quarter 2021 Earnings Per Diluted Share of $ 2.31 Operating income Operating ratio Operating Ratio Improves to a Company Record of 72.3 % THOMASVILLE , N.C .-- ( BUSINESS WIRE ) -- Old Dominion Freight Line , Inc. ( Nasdaq : ODFL ) today announced financial results for the three - month and six - month periods ended June 30 , 2021 . Net income Diluted earnings per share Diluted weighted average shares outstanding Three Months Ended June 30 , 2021 2020 $ 1,319,409 $ 896,210 $ 1,299,760 $ 884,069 $ 19,649 $ 12,141 $ 366,044 $ 199,166 72.3 % $ 269,576 $ $ 2.31 $ 116,561 77.8 % 147,805 1.25 118,360 % Chg . OLD 82.4 % 84.8 % ( 1.5 ) % FREIGHT HELPING THE WORLD KEEP PROMISES.Ⓡ 2021 $ 2,445,924 47.2 % 47.0 % $ 2,409,382 61.8 % $ 36,542 83.8 % $ 635,701 74.0 % LINE Six Months Ended June 30 , 2020 $ 1,883,574 $ 1,858,500 $ 25,074 $ 382,336 $ 468,935 $ 4.01 $ 116,907 79.7 % $ 280,982 2.36 119,083 % Chg . 29.9 % 29.6 % 45.7 % 66.3 % 66.9 % 69.9 % ( 1.8 ) % Greg C. Gantt , President and Chief Executive Officer of Old Dominion , commented , " Old Dominion's second quarter financial results include new Company records for quarterly revenue , operating ratio and earnings per diluted share . We achieved these record results by continuing to execute on the fundamental aspects of our long - term strategic plan , which is centered on our ability to provide superior service at a fair price . In addition , our strategy of continuously investing in our service center network has provided us with capacity to support additional revenue growth . These factors , combined with a domestic economy that continues to improve , have driven a significant increase in the demand for our superior service . As a result , the sequential acceleration in our revenue during the second quarter was once again well above our normal sequential trends . " The Company's revenue growth as compared to the second quarter of 2020 included a 28.1 % increase in LTL tons and a 14.9 % increase in LTL revenue per hundredweight . The increase in LTL tons resulted from a 33.5 % increase in LTL shipments that was partially offset by a 4.0 % decrease in LTL weight per shipment . The decrease in our LTL weight per shipment was due primarily to changes in the mix of freight between the periods compared , which includes the impact of operational changes we made earlier this year that reduced the number of heavy - weighted shipments in our network . Our yield metrics benefited from the decrease in weight per shipment as well as the 1.2 % increase in our average length of haul . The increase in our revenue per hundredweight also reflects the success of our yield improvement initiatives that are designed to improve individual account profitability . Our