Old Dominion Freight Line - ODFL STOCK NEWS

Old Dominion Freight Line (NASDAQ: ODFL) has expanded its service center network to 253 locations across the U.S. with new and improved facilities launched in seven cities during late 2021 and early 2022. These include sites in Texas, Mississippi, Iowa, North Carolina, Washington, South Carolina, and Massachusetts. This expansion aims to enhance operational efficiency, support economic growth in local communities, and meet increasing customer demand. Technological upgrades and additional staffing have also been implemented to improve service delivery.

Old Dominion Freight Line (ODFL) reported significant growth in its less-than-truckload (LTL) operations for February 2022. Revenue per day soared by 38.3% year-over-year, driven by an 18.3% rise in LTL tons and a 19.8% increase in shipments. Additionally, LTL revenue per hundredweight grew by 16.8% and 10.7% excluding fuel surcharges compared to last year. CEO Greg Gantt expressed confidence in maintaining momentum through capacity expansion and strategic investments, aiming to enhance service and shareholder value.

Old Dominion Freight Line reported strong financial performance for Q4 and the full year of 2021, with total revenue rising by 31.4% to $1.41 billion for the quarter and 30.9% to $5.26 billion for the year. Operating income increased 46.5% to $372.5 million in Q4, while net income grew 46.9% to $278.8 million. The diluted EPS surged 49.7% to $2.41 for the quarter. Additionally, the board declared a 50% increase in the quarterly cash dividend to $0.30 per share, payable March 16, 2022.

Old Dominion Freight Line driver Glen Kirk has been appointed as one of the 2022-2023 America’s Road Team Captains by the American Trucking Associations (ATA). His role involves promoting safe driving practices nationwide, addressing the industry's urgent need for drivers. Kirk boasts nearly 1.6 million safe driving miles and has previously excelled in national competitions. This recognition underscores the importance of safety in trucking as Kirk continues to represent Old Dominion and foster the next generation of drivers.

Old Dominion Freight Line (NASDAQ: ODFL) will release its fourth quarter and year-end 2021 financial results on February 2, 2022, before market opening. A conference call to discuss these results and the company's outlook will take place at 10:00 a.m. (ET) the same day. Investors can access a live webcast at www.odfl.com, with a replay available after 1:00 p.m. (ET) for 30 days. Old Dominion is a leading less-than-truckload (LTL) carrier in North America, offering a range of logistics services.

Old Dominion Freight Line (ODFL) announced a 4.9% general rate increase effective January 3, 2022. This increase will impact rates established under existing tariffs 559, 670, and 550. According to Todd A. Polen, Vice President of Pricing Services, the GRI is designed to offset rising costs including real estate, equipment, technology investments, and employee wages. The increase will affect customers based on specific lanes and distances but is in alignment with the company's long-term yield management strategy.

Old Dominion Freight Line (ODFL) reported significant growth in LTL metrics for November 2021. Revenue per day rose by 29.9% compared to November 2020, driven by an 11.5% increase in LTL tons per day. The increase in tons was supported by a 15.2% rise in shipments, despite a 3.2% drop in weight per shipment. Quarter-to-date, LTL revenue per hundredweight increased 16.6% while excluding fuel surcharges rose 9.4%. The company's CEO expressed confidence in continued market share growth and strong customer demand moving into 2022.