Old Dominion Freight Line (NASDAQ: ODFL) reported Q4 EPS of $1.80, $0.03 better than the analyst estimate of $1.77. Revenue for the quarter came in at $1 billion versus the consensus estimate of $1.01 billion.

“Old Dominion’s financial results for the fourth quarter and year reflect our continued focus on revenue quality and cost control during a challenging operating environment,” said Greg C. Gantt, President and Chief Executive Officer of Old Dominion Freight Line. “The industrial economy remained sluggish during the fourth quarter, which contributed to the year-over-year decrease in revenue for the second straight quarter. Our tonnage also declined compared to the fourth quarter last year, although we were pleased to see our yield continue to improve and our volumes begin to stabilize.

“Our revenue in the fourth quarter included a 4.5% reduction in LTL tons that was partially offset by a 2.7% increase in LTL revenue per hundredweight. Excluding fuel surcharges, our LTL revenue per hundredweight increased 4.0% over the same period last year. Although our volumes declined during the quarter, our superior service allowed us to maintain our price discipline and market share. Our industry-leading service included on‑time performance of 99% and a cargo claims ratio of 0.2% during the fourth quarter.

“The operating ratio for the fourth quarter increased 260 basis points to 81.3%. Despite this increase, we operated with efficiency during the quarter and also did a good job of managing our discretionary costs. Our fringe benefit costs, however, were significantly higher and increased to 39.7% of salaries and wages as compared to 30.7% for the fourth quarter of 2018. Total fringe benefit costs for the fourth quarter of 2019 included $17.1 million of phantom stock expense that resulted from both the increase in our share price during the quarter as well as the previously disclosed plan amendments that were implemented in December 2019.”

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