Old Dominion Freight Line Provides Update for Third-Quarter 2016
September 02 2016 - 7:00AM
Business Wire
Old Dominion Freight Line, Inc. (NASDAQ: ODFL) today reported
certain less-than-truckload (“LTL”) operating metrics for August
2016. LTL tons per day decreased 1.4% as compared to August 2015
due to a 1.5% decrease in LTL shipments per day and a 0.1% increase
in LTL weight per shipment.
David S. Congdon, Vice Chairman and Chief Executive Officer of
Old Dominion, commented, “The decline in Old Dominion’s LTL tons
per day for August reflects an operating environment that continued
to be challenging. The pricing environment has remained relatively
stable, however, and quarter-to-date LTL revenue per hundredweight,
excluding fuel surcharges, increased between 2.0% and 2.5% as
compared to the same period last year. As a result, our
quarter-to-date total revenue per day was slightly below the same
period of 2015.”
Forward-looking statements in this news release are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. We caution the reader that such
forward-looking statements involve risks and uncertainties that
could cause actual events and results to be materially different
from those expressed or implied herein, including, but not limited
to, the following: (1) the competitive environment with respect to
industry capacity and pricing, including the use of fuel
surcharges, such that our total overall pricing is sufficient to
cover our operating expenses; (2) our ability to collect fuel
surcharges and the effectiveness of those fuel surcharges in
mitigating the impact of fluctuating prices for diesel fuel and
other petroleum-based products; (3) the negative impact of any
unionization, or the passage of legislation or regulations that
could facilitate unionization, of our employees; (4) the challenges
associated with executing our growth strategy, including the
inability to successfully consummate and integrate any
acquisitions; (5) changes in our goals and strategies, which are
subject to change at any time at our discretion; (6) various
economic factors such as recessions, downturns in customers'
business cycles and shipping requirements, and global uncertainty
and instability that may lead to fewer goods being transported,
including the United Kingdom’s decision to exit the European Union;
(7) increases in driver compensation or difficulties attracting and
retaining qualified drivers to meet freight demand; (8) our
exposure to claims related to cargo loss and damage, property
damage, personal injury, workers' compensation, group health and
group dental, including increased premiums, adverse loss
development, increased self-insured retention levels and claims in
excess of insured coverage levels; (9) cost increases associated
with employee benefits, including compliance obligations associated
with the Patient Protection and Affordable Care Act; (10) the
availability and cost of capital for our significant ongoing cash
requirements; (11) the availability and cost of new equipment and
replacement parts, including regulatory changes and supply
constraints that could impact the cost of these assets; (12)
decreases in demand for, and the value of, used equipment; (13) the
availability and cost of diesel fuel; (14) the costs and potential
liabilities related to compliance with, or violations of, existing
or future governmental laws and regulations, including
environmental laws, engine emissions standards, hours-of-service
for our drivers, driver fitness requirements and new safety
standards for drivers and equipment; (15) the costs and potential
liabilities related to various legal proceedings and claims that
have arisen in the ordinary course of our business, some of which
include class-action allegations; (16) the costs and potential
liabilities related to governmental proceedings; (17) the costs and
potential liabilities related to our international business
operations and relationships; (18) the costs and potential adverse
impact of compliance with, or violations of, current and future
rules issued by the Department of Transportation, the Federal Motor
Carrier Safety Administration, including its Compliance, Safety,
Accountability initiative, and other regulatory agencies; (19)
seasonal trends in the less-than-truckload industry, including
harsh weather conditions; (20) our dependence on key employees;
(21) the concentration of our stock ownership with the Congdon
family; (22) the costs and potential adverse impact associated with
future changes in accounting standards or practices; (23) potential
costs associated with cyber incidents and other risks, including
system failure, security breach, disruption by malware or other
damage; (24) the impact of potential disruptions to our information
technology systems or our service center network; (25) damage to
our reputation from the misuse of social media; (26) the costs and
potential adverse impact of compliance with anti-terrorism measures
on our business; (27) dilution to existing shareholders caused by
any issuance of additional equity; and (28) other risks and
uncertainties described in our most recent Annual Report on Form
10-K and other filings with the Securities and Exchange Commission.
Our forward-looking statements are based upon our beliefs and
assumptions using information available at the time the statements
are made. We caution the reader not to place undue reliance on our
forward-looking statements (i) as these statements are neither a
prediction nor a guarantee of future events or circumstances and
(ii) the assumptions, beliefs, expectations and projections about
future events may differ materially from actual results. We
undertake no obligation to publicly update any forward-looking
statement to reflect developments occurring after the statement is
made, except as otherwise required by law.
Old Dominion Freight Line, Inc. is a leading,
less-than-truckload (“LTL”), union-free motor carrier providing
regional, inter-regional and national LTL services, which include
ground and air expedited transportation and consumer household
pickup and delivery through a single integrated organization. In
addition to its core LTL services, the Company offers a broad range
of value-added services including container drayage, truckload
brokerage, supply chain consulting and warehousing.
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version on businesswire.com: http://www.businesswire.com/news/home/20160902005128/en/
Old Dominion Freight Line, Inc.Adam N. Satterfield,
336-822-5721Senior Vice President, Finance and Chief Financial
Officer
Old Dominion Freight Line (NASDAQ:ODFL)
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