Old Dominion Freight Line Inc Stock Price, News & Analysis

Old Dominion Freight Line, Inc. (Nasdaq: ODFL) announced the election of Kevin M. Freeman as its new President and CEO, effective July 1, 2023, following the retirement of Greg C. Gantt on June 30, 2023. Freeman, who has been with the company since 1992 and served as Executive VP and COO since May 2018, emphasized the commitment to executing the company's long-term strategic plan. Gantt praised Freeman as an exceptional leader and noted that the succession was part of their long-term plan. The announcement highlights Old Dominion’s ongoing focus on superior customer service and leadership continuity.

Old Dominion Freight Line, Inc. (Nasdaq: ODFL) will release its fourth quarter and year-end 2022 financial results before trading opens on February 1, 2023. A conference call to discuss these results and the company's outlook is scheduled for 10:00 a.m. (Eastern Time) on the same day. Investors can access a live webcast of the call on www.odfl.com, with a replay available from 1:00 p.m. (Eastern Time) for 30 days. The company, a leading North American less-than-truckload (LTL) carrier, offers a range of transportation services nationwide.

Old Dominion Freight Line (ODFL) announced a 4.9% general rate increase (GRI) effective January 3, 2023. This increase applies to rates under current tariffs and aims to offset rising costs related to real estate, equipment, technology, and wages. Vice President Todd Polen emphasized the need to enhance service quality and maintain a fair price for customers. The GRI is in line with ODFL's long-term yield management strategy and will slightly increase minimum charges across various shipping lanes.

Old Dominion Freight Line (NASDAQ: ODFL) reported its November 2022 metrics showing a 7.3% increase in revenue per day compared to November 2021, driven by higher LTL revenue per hundredweight. However, there was an 8.6% decline in LTL tons per day due to a 7.3% decrease in shipments and a 1.4% decrease in weight per shipment. For the quarter-to-date, LTL revenue per hundredweight rose 17.3%. Despite volume declines attributed to economic softness, the company remains confident in its service quality and strategic plans to capture market share and enhance shareholder value.

Old Dominion Freight Line reported robust financial results for Q3 2022, with total revenue at $1.6 billion, reflecting a 14.5% year-over-year increase. LTL revenue also climbed by 14.8%, although overall LTL tons dipped 2.6%. Operating income rose 29.4% to $496 million, improving the operating ratio to 69.1%, the eleventh consecutive quarterly improvement. Net income surged 31.7% to $377 million, leading to a 36% rise in diluted EPS to $3.36. The company continues to invest in growth while returning $1.1 billion to shareholders through buybacks and dividends.

Old Dominion Freight Line has declared a quarterly cash dividend of $0.30 per share, marking a 50% increase from the previous year. This dividend will be payable on December 21, 2022, to shareholders on record as of December 7, 2022. The company continues to demonstrate strong performance in the less-than-truckload sector, aided by its robust service network across North America. These actions reflect the company's commitment to returning value to shareholders amidst broader market uncertainties.

Old Dominion Freight Line plans to release its third quarter 2022 financial results on October 26, 2022, before trading opens. A conference call to discuss these results and the company's outlook will take place at 10:00 a.m. ET on the same day. The call will be streamed live on www.odfl.com and an online replay will be available from 1:00 p.m. ET for 30 days. A telephonic replay will also be accessible from 1:00 p.m. ET until November 2, 2022.

Old Dominion Freight Line (ODFL) reported a 14.5% increase in revenue per day in August 2022 compared to August 2021, despite a 0.9% decrease in LTL tons per day, attributed to a 2.7% drop in shipments. For the quarter-to-date, LTL revenue per hundredweight rose 18.1%, with a 7.3% increase excluding fuel surcharges. CEO Greg Gantt noted solid revenue growth but acknowledged decreased volumes year-over-year. The company emphasizes high-quality service to support yield management initiatives, believing customer demand remains strong.