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ODFL Old Dominion Freight Line

Old Dominion Freight Line, Inc. is a leading, less-than-truckload ('LTL'), union-free motor carrier providing regional, inter-regional and national LTL services through a single integrated organization. Its service offerings, which include expedited transportation, are provided through an expansive network of service centers located throughout the continental United States. Through strategic alliances, the Company also provides 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.

Company profile

Ticker
ODFL
Exchange
Website
CEO
Greg Gantt
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
OLD DOMINION FREIGHT LINE INC/VA
SEC CIK
IRS number
560751714

ODFL stock data

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Calendar

4 May 21
4 Aug 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 351.9M 351.9M 351.9M 351.9M 351.9M 351.9M
Cash burn (monthly) 16.51M 422.67K (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 68.31M 1.75M n/a n/a n/a n/a
Cash remaining 283.59M 350.15M n/a n/a n/a n/a
Runway (months of cash) 17.2 828.4 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
19 May 21 Hanley Patrick D Common Stock Grant Aquire A No No 0 545 0 7,972
19 May 21 Gabosch Bradley R Common Stock Grant Aquire A No No 0 545 0 7,972
19 May 21 Kasarda John D. Common Stock Grant Aquire A No No 0 545 0 13,720
19 May 21 Suggs Leo H Common Stock Grant Dispose A No No 0 545 0 6,772

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

69.8% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 626 615 +1.8%
Opened positions 91 86 +5.8%
Closed positions 80 60 +33.3%
Increased positions 228 240 -5.0%
Reduced positions 231 221 +4.5%
13F shares
Current Prev Q Change
Total value 19.47B 16.2B +20.1%
Total shares 80.96M 83.03M -2.5%
Total puts 630K 424.7K +48.3%
Total calls 307K 249.5K +23.0%
Total put/call ratio 2.1 1.7 +20.6%
Largest owners
Shares Value Change
Vanguard 10.87M $2.61B -0.5%
BLK Blackrock 8.81M $2.12B +8.9%
Capital Research Global Investors 7.34M $1.76B -13.5%
TROW T. Rowe Price 5.56M $1.34B -15.9%
STT State Street 4.14M $995.71M -0.6%
FMR 2.63M $632.25M +63.2%
JPM JPMorgan Chase & Co. 1.82M $438.6M +2.6%
Geode Capital Management 1.73M $415.22M +2.8%
IVZ Invesco 1.61M $386.08M +14.6%
GS Goldman Sachs 1.29M $310.33M -3.5%
Largest transactions
Shares Bought/sold Change
WCM Investment Management 1.15M +1.15M NEW
Capital Research Global Investors 7.34M -1.15M -13.5%
TROW T. Rowe Price 5.56M -1.05M -15.9%
FMR 2.63M +1.02M +63.2%
Norges Bank 0 -919.65K EXIT
BLK Blackrock 8.81M +723.34K +8.9%
Millennium Management 44.5K -466.98K -91.3%
Alpha Omega Wealth Management 331.07K -463.34K -58.3%
Swedbank 0 -451.27K EXIT
RY Royal Bank Of Canada 714.18K +383.13K +115.7%

Financial report summary

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Risks
  • If we are unable to successfully execute our growth strategy, and develop, market and consistently deliver high-quality services that meet customer expectations, our business and future results of operations may suffer.
  • Changes in our relationships with significant customers, including the loss or reduction in business from one or more of them, could have an adverse impact on our business.
  • Insurance and claims expenses could significantly reduce our profitability.
  • Limited supply and increased costs of new equipment may adversely affect our earnings and cash flow.
  • We may be adversely impacted by fluctuations in the availability and price of diesel fuel.
  • Our results of operations may be affected by seasonal factors, harsh weather conditions and disasters.
  • We have significant ongoing cash requirements that could limit our growth and affect our profitability if we are unable to obtain sufficient capital.
  • A decrease in the demand and value of used equipment may impact our results of operations.
  • We are subject to various risks arising from our international business operations and relationships, which could adversely affect our business.
  • Anti-terrorism measures and terrorist events may disrupt our business.
  • We operate in a rapidly evolving and highly competitive industry, and our business will suffer if we are unable to adequately address potential downward pricing pressures and other factors that may adversely affect our operations and profitability.
  • Our customers’ and suppliers’ businesses may be impacted by various economic factors such as recessions, downturns in the economy, global uncertainty and instability, changes in U.S. social, political, and regulatory conditions and/or a disruption of financial markets, which may decrease demand for our services or increase our costs.
  • If our employees were to unionize, our operating costs would increase and our ability to compete would be impaired.
  • Difficulties attracting and retaining qualified drivers and maintenance technicians could result in increases in driver and technician compensation and could adversely affect our profitability, our ability to maintain or grow our fleet and our ability to maintain our customer relationships.
  • Our information technology systems are subject to cyber and other risks, some of which are beyond our control, which could have a material adverse effect on our business, results of operations and financial position.
  • If we do not adapt to new technologies implemented by our competitors in the LTL and transportation industry, our business could suffer.
  • 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 could cause us to incur costs or result in a loss of business, which may have a material adverse effect on our results of operations and financial condition.
  • The FMCSA’s CSA initiative could adversely impact our ability to hire qualified drivers, meet our growth projections and maintain our customer relationships, each of which could adversely impact our results of operations.
  • We operate in a highly regulated industry, and increased costs of compliance with, or liability for violation of, existing or future regulations could have a material adverse effect on our business.
  • We are subject to various governmental laws and regulations, and costs of compliance with, liabilities under, or violations of, existing or future governmental laws or regulations could adversely affect our business.
  • Healthcare legislation may increase our costs for employee healthcare and benefits and reduce our future profitability.
  • We are subject to the risks of litigation and governmental proceedings, inquiries, notices or investigations which could adversely affect our business.
  • We are subject to legislative, regulatory, and legal developments involving taxes.
  • Our principal shareholders control a large portion of our outstanding common stock.
  • There can be no assurance of our ability to declare and pay cash dividends in future periods.
  • The amount and frequency of our stock repurchases may fluctuate.
  • The market value of our common stock has been and may in the future be volatile, and could be substantially affected by various factors.
  • Our articles of incorporation, our bylaws and Virginia law contain provisions that could discourage, delay or prevent a change in our control or our management.
Management Discussion
  • Despite the difficult operating conditions created by the COVID-19 pandemic, our financial results for 2020 include Company records for profitability and diluted earnings per share.  While our annual revenue decreased slightly as a result of a decrease in our volumes, our LTL revenue per hundredweight increased as we maintained our price discipline throughout the year.  The increase in
  • our yields along with the increase in productivity allowed us to improve our variable operating costs as a percent of revenue.  We also improved our overhead costs as a percent of revenue due to our control over discretionary spending during the year.  These factors contributed to the 270 basis point improvement in our operating ratio resulting in a new Company record of 77.4% for the year.  As a result, our net income and diluted earnings per share increased 9.3% and 11.4%, respectively, in 2020 as compared to 2019.
  • Revenue decreased $94.0 million, or 2.3%, in 2020 compared to 2019. This decline reflects a decrease in LTL tons and a slight decline in our LTL revenue per hundredweight when compared with 2019. The decrease in LTL tons in 2020 was primarily attributable to a decline in shipments that was partially offset by an increase in our LTL weight per shipment. The decrease in LTL shipments was driven by the impact of a slowdown in the domestic economy associated with the COVID-19 pandemic, primarily during the second quarter of 2020.
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