Old Dominion Freight Line Provides Update for Fourth-Quarter 2017
December 05 2017 - 7:00AM
Business Wire
Old Dominion Freight Line, Inc. (NASDAQ: ODFL) today reported
certain less-than-truckload ("LTL") operating metrics for November
2017. LTL tons per day increased 13.6% as compared to November
2016, due to a 10.9% increase in LTL shipments per day and a 2.5%
increase in LTL weight per shipment. For the quarter-to-date
period, LTL revenue per hundredweight increased 4.9% as compared to
the same period last year.
David S. Congdon, Vice Chairman and Chief Executive Officer of
Old Dominion, commented, "Our revenue growth thus far into the
fourth quarter includes increases in volume and yield, and reflects
the ongoing improvement in the domestic economy. Additionally, we
believe these results represent increases in our market share as
customers continue to appreciate the superior service and available
network capacity that we provide. We remain committed to investing
in our business as part of our long-term strategy to ensure that we
have the capacity necessary to support increasing customer demand,
and we are confident that this proven business model will produce
further long-term gains in shareholder value."
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, which could negatively impact our total overall pricing
strategy and our ability 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 our ability 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 the economy,
global uncertainty and instability, changes in U.S. social,
political, and regulatory conditions or a disruption of financial
markets, which may decrease demand for our services; (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 costs associated with employee healthcare
plans; (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, inquiries, notices or investigations; (17) the costs
and potential liabilities related to our international business
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 (the “FMCSA”) and other regulatory agencies;
(19) the costs and potential adverse impact of compliance
associated with addressing interoperability between legacy
electronic automatic on-board recording devices and electronic
logging devices (“ELDs”) that comply with FMCSA’s ELD regulations
and guidance; (20) seasonal trends in the less-than-truckload
industry, including harsh weather conditions and disasters; (21)
our dependence on key employees; (22) the concentration of our
stock ownership with the Congdon family; (23) the costs and
potential adverse impact associated with future changes in
accounting standards or practices; (24) potential costs associated
with cyber incidents and other risks, including system failure,
security breach, disruption by malware or other damage; (25)
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; (26)
the costs and potential adverse impact associated with transitional
challenges in upgrading or enhancing our technology systems; (27)
damage to our reputation through unfavorable publicity; (28) the
costs and potential adverse impact of compliance with
anti-terrorism measures on our business; (29) dilution to existing
shareholders caused by any issuance of additional equity; (30) the
impact of a quarterly cash dividend or the failure to declare
future cash dividends; (31) fluctuations in the market value of our
common stock; (32) 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 (33) 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 (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 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/20171205005501/en/
Old Dominion Freight Line, Inc.Adam N. Satterfield,
336-822-5721Senior Vice President, Finance andChief Financial
Officer
Old Dominion Freight Line (NASDAQ:ODFL)
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