Old Dominion Freight Line Announces $0.30 Per Share Quarterly Cash Dividend
October 20 2022 - 7:00AM
Business Wire
Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today announced
that its Board of Directors has declared a quarterly cash dividend
of $0.30 per share of common stock, payable on December 21, 2022,
to shareholders of record at the close of business on December 7,
2022. This dividend represents a 50.0% increase over the dividend
paid in December 2021.
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 challenges associated with executing our
growth strategy, and developing, marketing and consistently
delivering high-quality services that meet customer expectations;
(2) various risks related to public health epidemics, pandemics and
similar outbreaks, including the continuing impact of the COVID-19
pandemic; (3) changes in our relationships with significant
customers; (4) our exposure to claims related to cargo loss and
damage, property damage, personal injury, workers’ compensation and
healthcare, increased self-insured retention or deductible levels
or premiums for excess coverage, and claims in excess of insured
coverage levels; (5) the availability and cost of new equipment,
including regulatory changes and supply constraints that could
impact the cost of these assets; (6) the availability and cost of
third-party transportation used to supplement our workforce and
equipment needs; (7) the availability and price of diesel fuel and
our ability to collect fuel surcharges, as well as the
effectiveness of those fuel surcharges in mitigating the impact of
fluctuating prices for diesel fuel and other petroleum-based
products; (8) seasonal trends in the less-than-truckload ("LTL")
industry, including harsh weather conditions and disasters; (9) the
availability and cost of capital for our significant ongoing cash
requirements; (10) decreases in demand for, and the value of, used
equipment; (11) our ability to successfully consummate and
integrate acquisitions; (12) the costs and potential liabilities
related to our international business relationships; (13) the costs
and potential adverse impact of compliance with anti-terrorism
measures on our business; (14) the competitive environment with
respect to our industry, including pricing pressures; (15) various
economic factors such as recessions, downturns in the economy,
global uncertainty and instability, changes in international trade
policies, changes in U.S. social, political, and regulatory
conditions or a disruption of financial markets, which may decrease
demand for our services or increase our costs; (16) the negative
impact of any unionization, or the passage of legislation or
regulations that could facilitate unionization, of our employees;
(17) increases in the cost of employee compensation and benefit
packages used to address general labor market challenges and to
attract or retain qualified employees, including drivers and
maintenance technicians; (18) our ability to retain our key
employees and continue to effectively execute our succession plan;
(19) potential costs and liabilities associated with cyber
incidents and other risks with respect to our information
technology systems or those of our third-party service providers,
including system failure, security breach, disruption by malware or
ransomware or other damage; (20) the failure to adapt to new
technologies implemented by our competitors in the LTL and
transportation industry, which could negatively affect our ability
to compete; (21) the failure to keep pace with developments in
technology, any disruption to our technology infrastructure, or
failures of essential services upon which our technology platforms
rely, which could cause us to incur costs or result in a loss of
business; (22) the Compliance, Safety, Accountability initiative of
the Federal Motor Carrier Safety Administration (“FMCSA”) could
adversely impact our ability to hire qualified drivers, meet our
growth projections and maintain our customer relationships; (23)
the costs and potential adverse impact of compliance with, or
violations of, current and future rules issued by the Department of
Transportation, the FMCSA and other regulatory agencies; (24) the
costs and potential liabilities related to compliance with, or
violations of, existing or future governmental laws and
regulations, including environmental laws; (25) the effects of
legal, regulatory or market responses to climate change concerns;
(26) the increase in costs associated with healthcare legislation
and other mandated benefits; (27) the costs and potential
liabilities related to legal proceedings and claims, governmental
inquiries, notices and investigations; (28) the impact of changes
in tax laws, rates, guidance and interpretations; (29) the
concentration of our stock ownership with the Congdon family; (30)
the ability or the failure to declare future cash dividends; (31)
fluctuations in the amount and frequency of our stock repurchases;
(32) volatility in the market value of our common stock; (33) the
impact of certain provisions in our articles of incorporation,
bylaws, and Virginia law that could discourage, delay or prevent a
change in control of us or a change in our management; and (34)
other risks and uncertainties described in our most recent Annual
Report on Form 10-K and other filings with the SEC. 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 as (i) 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 one of the largest North
American LTL motor carriers and provides regional, inter-regional
and national LTL services through a single integrated, union-free
organization. Our service offerings, which include expedited
transportation, are provided through an expansive network of
service centers located throughout the continental United States.
The Company also maintains strategic alliances with other carriers
to provide LTL services throughout North America. In addition to
its core LTL services, the Company offers a range of value-added
services including container drayage, truckload brokerage and
supply chain consulting.
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version on businesswire.com: https://www.businesswire.com/news/home/20221020005281/en/
Adam N. Satterfield Senior Vice President, Finance and Chief
Financial Officer (336) 822-5721
Old Dominion Freight Line (NASDAQ:ODFL)
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