Old Dominion Freight Line Inc. reported second quarter revenue and earnings better than Wall Street expectations as the trucking and shopping company benefitted from the strong economy.

The Thomasville, North Carolina-based company reported net income of $166.3 million, or $1.99 per share, up 66 percent from net income of $98.4 million, or $1.19 per share. Analysts were expecting earnings of $1.83 per share.

Second-quarter revenue was $1.03 billion, up 23 percent from $839.9 million in the same quarter a year ago.

“Our financial results reflect the positive yield environment as well as ongoing strength in the domestic economy,” said Chief Executive Officer Greg C. Gantt in a statement. “We believe the key to our substantial profitable growth, however, is our ability to consistently win market share by delivering superior service at a fair price.”

Old Dominion’s stock closed Thursday at $144.17, down $3.79, or 2.56 percent.

The company said it expects its 2018 capital expenditures to total approximately $555 million, including expenditures of $200 million for real estate and service center expansion projects, $310 million for tractors and trailers, and $45 million for technology and other assets.

Old Dominion said it had a 16.2 percent increase in full-time employees during the quarter to handle the increased shipping volume.

“We believe this increase in new employees was necessary to maintain our best-in-class service standards while also managing a significant increase in volume, and we will continue to hire during the third quarter based on our outlook for continued growth,” said Gantt.