Old Dominion Freight Line (NASDAQ: ODFL) reported Q1 EPS of $1.64, $0.06 better than the analyst estimate of $1.58. Revenue for the quarter came in at $990.78 million versus the consensus estimate of $994.01 million.

“Old Dominion began 2019 with strong financial results for the first quarter, which included growth in our pre-tax income that exceeded 20.0% for the eighth straight quarter,” said Greg C. Gantt, President and Chief Executive Officer of Old Dominion. “Total revenuegrowth of 7.1% was slightly lower than we originally anticipated, but the quality of our revenue growth and our focus on managing costs drove the 190 basis point improvement in our operating ratio. The combination of these factors also contributed to the 22.3% increase in our pre-tax income and 23.3% increase in earnings per diluted share.

“LTL revenue increased in the first quarter due to a 9.6% increase in LTL revenue per hundredweight that was partially offset by a 3.0% decline in LTL tonnage for the quarter. The decrease in LTL tonnage primarily reflects a 4.0% decrease in LTL weight per shipment that was partially offset by a 1.1% increase in LTL shipments. The decrease in LTL weight per shipment was expected and also contributed to the improvement in our LTL revenue per hundredweight. We have been encouraged by the continued strength in our yield trends, and we intend to maintain our disciplined approach to pricing to support our long-term strategic plan and improve profitability.

“Our operating ratio improved 190 basis points to 82.0% from 83.9% for the first quarter of 2018. We gained operating efficiencies during the first quarter and, as a result, were able to improve our direct operating costs as a percent of revenue. Our overhead costs also improved as a percent of revenue despite the 60 basis point increase in our depreciation costs. These depreciation costs increased as a percent of revenue due to the deleveraging effect of slower revenue growth as well as the significant amount of capital invested in our operations in recent years. We continue to believe that our investments in capacity and technology are necessary to support both our customers’ needs and our long-term growth initiatives, and we remain committed to doing so as part of our long-term strategic plan.”

For earnings history and earnings-related data on Old Dominion Freight Line (ODFL) click here.