Old Dominion Freight Line(ODFL) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter 2024 diluted earnings per share were $1.23, a decrease of 16.3% compared to $1.47 in Q4 2023[3] - Total revenue for Q4 2024 was $1,385.8 million, down 7.3% from $1,495.5 million in Q4 2023; for the full year, revenue decreased by 0.9% to $5,814.8 million[3] - LTL services revenue in Q4 2024 was $1,372.3 million, a decline of 7.4% year-over-year; for the full year, LTL revenue decreased by 0.8% to $5,761.1 million[3] - Operating income for Q4 2024 was $334.0 million, down 20.7% from $421.0 million in Q4 2023; full-year operating income decreased by 5.9% to $1,544.0 million[3] - Net income for Q4 2024 was $263.1 million, an 18.5% decrease from $322.8 million in Q4 2023; full-year net income decreased by 4.3% to $1,186.1 million[3] Operating Metrics - The operating ratio increased by 410 basis points to 75.9% in Q4 2024, reflecting the impact of revenue decline on operating expenses[6] - Total operating expenses for Q4 2024 were $1,051,809, representing 75.9% of revenue, up from 71.8% in Q4 2023[17] - The operating ratio for Q4 2024 was 75.9%, compared to 71.8% in Q4 2023[21] - LTL shipments in Q4 2024 were 2,837, down 6.1% from 3,021 in Q4 2023[21] - LTL revenue per hundredweight for Q4 2024 was $32.10, a slight decrease of 0.4% from $32.23 in Q4 2023[21] Cash Flow and Capital Expenditures - Cash provided by operating activities was $401.1 million for Q4 2024 and $1.7 billion for the full year[7] - Capital expenditures for Q4 2024 totaled $170.9 million, with full-year expenditures at $771.3 million; projected capital expenditures for 2025 are approximately $575 million[8] Shareholder Returns - The quarterly cash dividend was increased by 7.7% to $0.28 per share, payable on March 19, 2025[10] - The company repurchased $967.3 million in shares during the year, including a $200.0 million accelerated share repurchase agreement settled in Q4 2024[9] Balance Sheet - Cash and cash equivalents decreased to $108,676 as of December 31, 2024, from $433,799 in 2023[24] - Total assets as of December 31, 2024, were $5,491,395, slightly down from $5,512,393 in 2023[24] Employee Metrics - Average active full-time employees decreased to 22,032 in Q4 2024, a decline of 3.4% from 22,814 in Q4 2023[21]