Old Dominion Freight Line Inc Stock Price, News & Analysis

Old Dominion Freight Line, Inc. (Nasdaq: ODFL) has declared a quarterly cash dividend of $0.20 per share, representing a 33.3% increase from June 2020. This dividend is payable on June 16, 2021, to shareholders of record as of June 2, 2021. The company outlines potential risks affecting future performance, including market competition, regulatory changes, and supply chain challenges, particularly amid ongoing impacts from the COVID-19 pandemic.

Old Dominion Freight Line reported strong financial results for Q1 2021, with total revenue of $1,126.5 million, a 14.1% increase from Q1 2020. LTL services revenue rose 13.9% to $1,109.6 million. Operating income surged 47.2% to $269.7 million, while net income grew 49.7% to $199.4 million. Diluted earnings per share increased by 53.2% to $1.70. The company added employees and anticipates continued growth, planning capital expenditures of $605 million for 2021, including $275 million for real estate expansion.

Old Dominion Freight Line (Nasdaq: ODFL) will release its first quarter 2021 financial results before market opening on April 22, 2021. 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. Interested parties can access the call through a live webcast at www.odfl.com, with a replay available afterwards for 30 days. Old Dominion is a major North American less-than-truckload (LTL) carrier, providing comprehensive LTL services across the U.S. and Canada.

Old Dominion Freight Line (Nasdaq: ODFL) plans to hire 800 Class A CDL truck drivers over the next three months to meet strong freight demand amid economic recovery. The company currently has over 1,200 job openings, including for dock workers and clerical roles. New hires, expected to include 275 line haul and 260 pickup and delivery drivers, will receive competitive pay ranging from $73,000 to $99,000 annually, alongside benefits such as health insurance and a potential $5,000 sign-on bonus. Applicants can find more information at ODFLDrivers.com.

Old Dominion Freight Line (Nasdaq: ODFL) reported a 9.2% increase in revenue per day for February 2021, driven by a 5.9% rise in LTL tons daily. The growth was influenced by a 4.1% rise in LTL weight per shipment and a 1.8% increase in shipments. For the quarter-to-date, LTL revenue per hundredweight rose 2.7%. Despite severe winter weather impacting operations, revenue growth remained consistent outside of February's third week. The company aims to expand its service center network and workforce to capture additional market share and drive long-term shareholder value.

Old Dominion Freight Line (Nasdaq: ODFL) announced a 4.9% general rate increase (GRI) effective March 1, 2021. This increase applies to current tariffs to offset rising operational costs such as real estate, equipment, technology, and employee compensation. Todd A. Polen, Vice President of Pricing Services, emphasized the company's commitment to delivering premium service while enhancing their network. The GRI will affect customers based on shipment specifics and is aligned with the company's long-term yield management strategy, anticipating a collective impact of about 4.9%.

Old Dominion Freight Line (Nasdaq: ODFL) expands its network with the addition of nine new and renovated service centers, increasing its total to 245 across the U.S. These centers are strategically located to enhance operational efficiency and support growing demand for less-than-truckload services amid the COVID-19 pandemic. Key locations include Brooklyn, NY, Edinburgh, IN, and Grand Island, NE, among others. Each facility aims to improve shipping times and delivery flexibility, providing better service to customers while creating new jobs in each market.

Old Dominion Freight Line (Nasdaq: ODFL) reported its financial results for Q4 and the full year 2020, including a $9.6 million expense for special employee bonuses in December to recognize their efforts during the COVID-19 pandemic. The company adjusted prior-period share data following a March 2020 stock split. Total revenue and other key metrics were not detailed in the provided text, suggesting a more comprehensive report may be available elsewhere.

Old Dominion Freight Line (Nasdaq: ODFL) will release its fourth quarter and year-end 2020 financial results before trading opens on February 4, 2021. A conference call to discuss the financial results and outlook will occur at 10:00 a.m. ET on the same day. Investors can access a real-time online webcast of the call at www.odfl.com, with a replay available starting at 1:00 p.m. ET for 30 days. The company provides less-than-truckload services with a network across the U.S. and strategic alliances in North America.