Old Dominion Freight Line, the American based less-than-truckload (LTL) shipping company, reported third-quarter earnings on Tuesday that beat expectations.

Old Dominion Freight Line reported diluted earnings per share of $1.71, compared to $1.37 reported in the same period a year ago. Analysts expected earnings per share of $1.53.

Revenue for the quarter came in at $1.1 billion, up 0.9 percent from a year ago. Revenue also beat expectations of $1.05 billion.

“Old Dominion’s financial results for the third quarter of 2020 include an increase in revenue and a Company-record operating ratio that contributed to the 24.8% increase in earnings per diluted share. The strength of our financial results reflects the remarkable recovery in the domestic economy as well as the continued execution of our long-term strategic plan that focuses on providing superior service at a fair price,” CEO Greg C. Gantt said in a release.

The increase of third-quarter revenue was attributed to a 1.3 precent increase in LTL tons per day. Old Dominion has seen a steady increase in LTL tonnage shipping since April as the COVID restrictions have been slowly lifted.

“Old Dominion continued its steady performance throughout the third quarter of 2020 and produced new quarterly records for both our operating ratio and overall profitability. While we have faced many challenges in the unusual operating environment this year, our results demonstrate the disciplined execution of our long-term strategic plan,” Gantt added.

The company has returned $360.3 million in capital to shareholders through the first nine months of 2020 and paid $17.6 million in cash dividends in the third quarter alone this year.

Old Dominion’s shares fell 1.55 percent, or $2.93, to close at $186.66 on Wednesday.