Old Dominion:Q4 operating ratio up 240 basis points to 71.2% vs. last year

"The operating ratio for the fourth quarter improved 240 basis points to 71.2% as compared to the fourth quarter of 2021. We continued to operate efficiently during the quarter, despite the decline in volumes, and we also continued our diligent approach to managing our discretionary spending. Our salaries, wages and benefit costs as a percent of revenue improved to 44.0% from 46.9% in the fourth quarter of 2021, and our purchased transportation costs decreased 200 basis points to 1.9% of revenue. The combination of these improvements more than offset the increase in operating supplies and expenses as a percent of revenue that primarily resulted from the significant increase in the cost of diesel fuel and other petroleum-based products during the quarter."