Type Public Area served Worldwide Revenue 2.79 billion USD (2012) | Industry Transportation Website ODFL.com Founded 1934 | |
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Traded as NASDAQ: ODFL
S&P 400 Component Founder Earl and Lillian Congdon Stock price ODFL (NASDAQ) US$ 85.99 +1.01 (+1.19%)23 Mar, 1:27 PM GMT-4 - Disclaimer Headquarters Thomasville, North Carolina, United States CEO David S Congdon (1 Jan 2008–) | ||
Old Dominion Freight Line, Inc. (NASDAQ: ODFL) is a leading, less-than-truckload (LTL), union-free company providing premium service to all its customers. OD offers regional, inter-regional and national LTL service. In addition to its core LTL services, the company offers its customers a broad range of logistics services including ground and air expedited transportation, supply chain consulting, transportation management, truckload brokerage, container delivery and warehousing. In addition, Old Dominion offers a consumer product for household moving: OD Household Services. Through strategic partnerships, the Company also offers international freight forwarding services throughout the world. Old Dominion’s claims ratio and on-time record are among the best in the industry. For more than 80 years, Old Dominion has been helping the world keep promises.
Contents
Should investors hold old dominion freight line shares for the long haul
History
The company traces its origins to 1934 when Earl and Lillian Congdon founded the company with a single truck running between Richmond and Norfolk, Virginia.
After Earl Congdon died, Lillian Congdon assumed the presidency and was joined by sons Earl Jr. and Jack. In 1957, Old Dominion extended its operations to most major markets in North Carolina and southern Virginia. Five years later, the company relocated its headquarters to High Point, North Carolina, in 1962 and merged with Bottoms-Fiske trucking company.
Between 1969 and 1979, the company entered a period of expansion, acquiring a number of competing trucking lines. With the deregulation of the trucking industry in the 1980s, Old Dominion extended its service area into Florida, Tennessee and California and also started serving the major markets of Chicago and Dallas.
The company went public in 1991.
David Congdon, son of Earl Congdon Jr. and grandson of the company’s founders, was named president and COO in 1997. Today, he serves as the company’s president and CEO. Earl Congdon Jr. continues to serve with the company as executive chairman of the board.
In the mid-2000s, Old Dominion launched international offerings to Canada and China. Today, in addition to domestic less-than-truckload services, the company offers assembly and distribution services and LCL and FCL delivery services to and from all of North America, Central America, South America and the Far East.
Business segments
The company has five primary product groups: OD-Domestic, OD-Expedited, OD-People, OD-Global, Household Services and OD-Technology. The core business segment for Old Dominion is LTL carrier shipping service. Global offerings include full container load (FCL) and less-than-container load (LCL) service to the Caribbean, Europe, the Far East, Central America and South America. Old Dominion also offers household moving services, and trade show shipping as part of their expedited division to accommodate all logistical needs.
The company operates more than 5,800 tractors and more than 22,500 trailers.
Sustainability
Old Dominion is part of the SmartWay Transport Partnership, a collaboration between freight shippers, carriers, and logistics companies to voluntarily achieve improved fuel efficiency and reduced emissions from freight transport. These technologies include wide-based tires, reducing highway speeds, idle reduction, automatic tire inflation, improved freight logistics, improved aerodynamics and longer combination vehicles.
Awards
Old Dominion has won a number of awards for its service and its growth.