Old Dominion Q3 revenue down 22.4%

ONLINE: home | business news | small business | sales & marketing | real estate | events | community | careers | city guide | advertise | about us | rss PRINT: subscribe | renew | advertise | book of lists | business intelligence | view digital edition | article reprints rights | ...
Click here to read the whole Article (external link)

Marcial: Old Dominion, a Trucker for the Long Haul

Marcial: Old Dominion, a Trucker for the Long Haul One of the fastest-growing trucking companies, Old Dominion is positioned to participate fully in the recovery By Gene Marcial How U.S. trucking firms are faring is a handy indicator of the state of the economy. Not surprisingly, the trucking industry has been having a tough time since 2007 as freight demand has tumbled because of the economic downturn. Analysts forecast that industry earnings will continue to stay under pressure through the end of 2009, but they point out that certain trucking companies are bound to drive themselves out of the economic rut sooner than others. One such trucker whose stock has started to rebound amid signs of an economic recovery—including the Oct. 29 release of the first positive quarterly GDP report since the second quarter of 2008—is Old Dominion Freight Line (ODFL), the sixth-largest U.S, provider of "less-than-truckload" (cargo weighing less than 10,000 pounds) freight transportation. It primarily provides short-haul services from its network of 206 service centers to destinations in 48 states, transporting within one to five days all types of commodities, including consumer and capital goods. In 2008, Old Dominion's average length of haul was 901 miles. Despite weakened sales and soft earnings in the past year and a half, shares of Old Dominion have performed well, climbing from a 52-week low of 18.47 a share last Nov. 11 to a 52-week high of 38.75 on Aug. 26, 2009. It has since eased to 27, partly because of profit taking, as some analysts turned sour on the stock when the company missed this year's third-quarter earnings forecasts. Even so, some bulls figure the stock will surpass its 52-week high and hit 40 in a year. pricing discipline "We view Old...
Click here to read the whole Article (external link)

YRC shares sink after debt exchange

NEW YORK (AP) -- YRC Worldwide Inc. shares plunged more than 50 percent Monday after the struggling trucking company said it is launching a debt exchange offer that could drastically reduce current shareholders' stakes. The move is part of YRC's effort to get access to cash and avoid a bankruptcy filing, which has been rumored for months. It has struggled to integrate two of it units and suffered through a dramatic falloff in freight demand amid the recession.YRC runs trucks under the Yellow, Roadway, New Penn and Holland names shipping everything from refrigerators to clothing across the U.S. through a huge network of terminals.Overland Park, Kan. YRC said it intends to launch an exchange offer of $536.8 million in 8 1/2 percent notes for common and preferred stock equal to 95 percent of its common shares, with a provision to give stock options to the company's union employees. YRC offered options equal to 15 percent of the company's common stock to union workers in exchange for wage and pension cuts earlier this year.The trucking company had about $1.69 billion in liabilities, but only about $1 billion in assets as of Sept. 30. YRC has sold real estate, cut thousands of jobs and renegotiated terms of its debt to stay afloat. On Friday, the company said it lost $158.7 million, or $2.67 per share in the third quarter.Shares plunged $1.93, or 53 percent, to $1.72 in afternoon trading.If the exchange is successful, it will allow the company to access $106 million in funds from a credit line reserve. It would also let the company begin to defer about $25 million in interest and fees currently owed to lenders and another $25 million per quarter in other fees related to a recently amended credit deal.The company currently has access to $50 million of the funds from the reserve for certain operational purposes and wi...
Click here to read the whole Article (external link)

Old Dominion Freight Line to Ring NASDAQ Closing Bell on November 17

THOMASVILLE, N.C.--(BUSINESS WIRE)--Old Dominion Freight Line, Inc. (NASDAQ: ODFL - News) announced today that David S. Congdon, President and Chief Executive Officer, will preside over the NASDAQ Closing Bell Ceremony on Tuesday, November 17, 2009. Joining Mr. Congdon at the ceremony will be members of Old Dominion’s executive team and company customers. th anniversary, as well as our long and fruitful relationship with NASDAQ. In the 18 years since our initial public offering, our stock price has increased more than 650% and our market capitalization has increased by more than 930%. Throughout this period, NASDAQ has been a great platform for increasing our visibility and for translating the growth of our Company into increased stockholder value. After 75 years in business, we are confident that our ability to deliver comprehensive services and superior service standards will continue to differentiate Old Dominion in the market and enable us to further expand one of our industry’s strongest records of long-term growth.”The ceremony will take place at NASDAQ MarketSite in Times Square from 3:45 p.m. to 4:00 p.m. Eastern Time on November 17th. To view the ceremony, please go to the Company’s website at ...
Click here to read the whole Article (external link)

OLD DOMINION FREIGHT LINE INC/VA Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Unless the context requires otherwise, references in this report to "Old Dominion," the "Company," "we," "us" and "our" refer to Old Dominion Freight Line, Inc. Overview We are a non-union less-than-truckload ("LTL") motor carrier providing regional and inter-regional service throughout the United States, including next-day and second-day service within each of our regions. We operate as one business segment and offer our products and services through four branded product groups, OD-Domestic, OD-Expedited, OD-Global and OD-Technology. In addition to our domestic LTL services, we offer service to and from all of North America, Central America, South America and the Far East. We also offer a broad range of expedited, logistical and warehousing services for both our domestic and global markets. Our services are complemented by our technological capabilities, which provide the means to improve the efficiency of our operations while empowering our customers to manage their shipping needs. Our revenue is derived from providing freight transportation and supply-chain management services to our customers, whose demand for our services is generally tied to the overall health of the U.S. domestic economy. We compete with regional, inter-regional and national LTL carriers and, to a lesser extent, with truckload carriers, small package carriers, airfreight carriers and railroads. We provide consistent customer service from a single organization, offering our customers information and pricing from one point of contact. Our integrated structure allows us to offer our customers consistent and continuous service across all areas of our operations, and our diversified mix and scope of regional, inter-regional and value-added services enable us to provide customers a single source to meet their LTL shipping and supply-chain nee...
Click here to read the whole Article (external link)

OLD DOMINION FREIGHT LINE INC/VA Financials

PERIOD ENDING30-Sep-0930-Jun-0931-Mar-0931-Dec-08Total Revenue322,763  316,175  295,143  335,836  Cost of Revenue(242,901)292,635  203,530  220,971  Gross Profit565,664  23,540  91,613  114,865  Operating ExpensesResearch Development -   -   -   -  Selling General and Administrative521,673  (21,862)58,553  69,712  Non Recurring -   -   -   -  Others24,036  23,948  22,999  22,356  Total Operating Expenses -   -   -   -  Operating Income or Loss19,955  21,454  10,061  22,797  Income from Continuing OperationsTotal Other Income/Expenses Net389  (239)(258)(1,189)Earnings Before Interest And Taxes20,344  21,215  9,803  21,608  Interest Expense3,109  3,330  3,254  3,416  Income Before Tax17,235  17,885  6,549  18,192  Income Tax Expense6,740  7,163  2,576  7,144  Minority Interest -   -   -   -  Net Income From Continuing Ops10,495  10,722  3,973  11,048  Non-recurring EventsDiscontinued Operations -   -   -   -  Extraordinary Items -   -   -   -  Effect Of ...
Click here to read the whole Article (external link)

Coverage initiated on Old Dominion by Piper Jaffray

DateResearch FirmActionFromTo13-Nov-09Piper JaffrayInitiatedUnderweight2-Nov-09Robert W. BairdDowngradeOutperformNeutral1-Oct-09Deutsche SecuritiesInitiatedBuy27-Jul-09LongbowInitiatedBuy18-Jun-09Robert W. BairdUpgradeNeutralOutperform15-Jun-09Morgan KeeganUpgradeMkt PerformOutperform27-Mar-09Stifel NicolausDowngradeBuyHold25-Feb-09BB&T Capital MktsDowngradeBuyHold15-Jan-09Dahlman RoseInitiatedHold20-Nov-08Matrix ResearchUpgradeSellHold3-Nov-08Robert W. BairdDowngradeOutperformNeutral14-Oct-08Stifel NicolausUpgradeHoldBuy3-Oct-08Morgan KeeganDowngradeOutperformMkt Perform18-Aug-08Stifel NicolausDowngradeBuyHold13-Jun-08Robert W. BairdUpgradeNeutralOutperform17-Apr-08Robert W. BairdDowngradeOutperformNeutral19-Oct-07Bear StearnsUpgradeUnderperformPeer Perform15-Aug-07Robert W. BairdInitiatedOutperform27-Jul-07Credit SuisseUpgradeNeutralOutperform16-Jul-07JP MorganUpgradeNeutralOverweight3-Jan-07Bear StearnsUpgradeUnderperformPeer Perform19-Apr-06WachoviaInitiatedOutperform26-Sep-05BB&T Capital MktsUpgradeHoldBuy30-Aug-05Morgan KeeganInitiatedOutperform17-Aug-05CSFBInitiatedNeutral22-Oct-04JP MorganDowngradeOverweightNeutral3-Aug-04Stephens IncInitiatedOverweight1-Apr-04JP MorganUpgradeNeutralOverweight5-Feb-04CSFBUpgradeNeutralOutperform19-Sep-03JP MorganDowngradeOverw...
Click here to read the whole Article (external link)

Old Dominion Freight Line, Inc. (ODFL) President and Chief Executive Officer to Ring The NASDAQ Stock Market Closing Bell

ADVISORY, Nov. 16, 2009 (GLOBE NEWSWIRE) -- What: Old Dominion Freight Line, Inc. (ODFL) will visit the NASDAQ MarketSite in New York City's Times Square. In honor of the occasion, David S. Congdon, President and Chief Executive Officer, will preside over the NASDAQ Closing Bell. Where: NASDAQ MarketSite - 4 Times Square - 43rd & Broadway - Broadcast Studio When: Tuesday, November 17th 2009 at 3:45 p.m. to 4:00 p.m. ET Contacts: Adam Satterfield (336) 822-5721 Adam.Satterfield@odfl.com NASDAQ MarketSite: Robert Madden (646) 441-5045 Robert.Madden@NASDAQOMX.com Feed Information: The Closing Bell is available from 3:50 p.m. to 4:05 p.m. on AMC-3/C-3 (ul 5985V; dl 3760H). The feed can also be found on Ascent fiber 1623. If you have any questions, please contact Robert Madden at (646) 441-5045. Radio Feed: An audio transmission of the Closing Bell is also available from 3:50 p.m. to 4:05 p.m. on uplink IA6 C band / transponder 24, downlink frequency 4180 horizontal. The feed can be found on Ascent fiber 1623 as well. Facebook and Twitter: For multimedia features such as exclusive content, photo postings, status updates and video of bell ceremonies please visit our Facebook page at: http://www.facebook.com/pages/NASDAQ-OMX/108167527653 For news tweets, please visit our Twitter page at: ...
Click here to read the whole Article (external link)