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OLD DOMINION FREIGHT LINE, INC.

(ODFL)
  Report
Delayed Nasdaq  -  04:00:01 2023-02-07 pm EST
365.70 USD   -1.05%
02/02Citigroup Raises Price Target on Old Dominion Freight Line to $380 From $275, Maintains Neutral Rating
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02/02Cowen Adjusts Old Dominion Freight Line's Price Target to $332 From $267, Keeps Market Perform Rating
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02/02Susquehanna Adjusts Old Dominion Freight Line's Price Target to $330 From $260, Keeps Neutral Rating
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Old Dominion Freight Line Adds Capacity with Seven New or Expanded Facilities in Service Center Network

03/29/2022 | 07:02am EST

Leading LTL carrier’s recent growth brings the Company’s service center count to 253 across the continental U.S.

Old Dominion Freight Line, Inc. (Nasdaq: ODFL) announces its latest expansion efforts with service center growth in seven cities in the fourth quarter of 2021 and first quarter of 2022. The less-than-truckload (LTL) carrier’s new or improved facilities include Alliance, Texas, Byhalia, Miss., Clear Lake, Iowa, Kernersville, N.C., Marysville, Wash., West Columbia, S.C., and Westfield, Mass.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220329005322/en/

(Photo: Business Wire)

(Photo: Business Wire)

The seven new and relocated service centers are strategically placed to reinforce Old Dominion’s commitment to operational excellence and build network capacity. The LTL carrier focuses on finding new cities to expand in addition to improving current service centers by adding more doors, upgrading technology, and hiring additional employees, allowing the Company to better serve customers as demand continues to grow.

“Offering premium service is at the forefront of our value proposition,” said Chip Overbey, senior vice president of strategic planning. “Each new and expanded facility helps to facilitate the economic growth of the local communities in which we operate while better serving our customers.”

To consistently offer premium service, Old Dominion seeks out service center locations where there is anticipated future growth and heightened customer demand. The strategic locations reduce shipping time, enhance delivery flexibility, and allow for increased capacity in key metropolitan areas. Recent investments in technological innovations, including real-time track and traceability, also allow the Company to accommodate evolving customer needs. In February, during the Company’s quarterly earnings call, Old Dominion announced it has plans to open between eight and ten new service centers in fiscal year 2022.

Old Dominion’s recent service center openings and expansions include:

  • Alliance, Texas – The latest Texas addition supports the Dallas-Fort Worth metro area. The new, 75-door facility is one of four Old Dominion service centers in the area, with a total of 587 doors among the facilities to support growing capacity needs. With 74 employees, the Alliance location services north Texas and South Oklahoma.
  • Byhalia, Miss. – The Byhalia service center is positioned just outside of Memphis, Tenn., a key distribution hub with easy access to major interstates, rail, and one of the largest air freight facilities in the world. This service center operates on 28.6 acres, with 102 doors and room for continued growth. Old Dominion hired 26 new employees to help serve Byhalia.
  • Clear Lake, Iowa – Located right at the crossroads of I-35 and Highway 18, the Clear Lake service center is a 32-door facility that sits on 9.5 acres. Strategically located between Des Moines and Minneapolis, the facility allows Old Dominion to service the area between these key metropolitan areas.
  • Kernersville, N.C. – The 103-door Kernersville service center is located 20 minutes from Old Dominion headquarters and exemplifies the Company’s commitment to serving the Triad region. In particular, this facility will provide additional service capacity in the Triad in conjunction with the nearby Greensboro service center.
  • Marysville, Wash. – The Marysville service center sits on nearly 10 acres of land and is the 30th service center to open in the Pacific Northwest. Currently operating with 52 doors and space for expansion to 79 doors, this service center is poised for future growth. The service center moves shipments spanning several industries, notably agricultural-related shipments in the Skagit Valley along with construction supplies due to local interest in building.
  • West Columbia, S.C. – Currently operating with 63 doors, the Columbia service center has space to eventually add an additional 50 doors. The relocated facility sits in a prime location by I-26, I-77, and I-20. The service center provides expanded capacity in the Columbia market as well as provides the region with a pivotal linehaul relay point serving Florida service centers to the south and the break bulk facilities to the north in Morristown, Tenn. and Greensboro, N.C.
  • Westfield, Mass. – Located on more than 14 acres, the Westfield service center hired 10 employees as part of its local expansion efforts. Located near the intersection of I-90 and I-91, the service center will dramatically improve response time to shippers in Western Massachusetts and allowing future growth in the South Windsor, Conn. facility.

For more information about Old Dominion, visit www.odfl.com or call (800) 432-6335. On Twitter: @ODFL_Inc and Facebook: Old Dominion Freight Line Inc.

About Old Dominion Freight Line, Inc.

Old Dominion Freight Line, Inc. is one of the largest North American less-than-truckload (“LTL”) motor carriers and provides regional, inter-regional and national LTL services through a single integrated, union-free organization. Our service offerings, which include expedited transportation, are provided through an expansive network of service centers located throughout the continental United States. The Company also maintains strategic alliances with other carriers to provide 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.


ę Business Wire 2022
All news about OLD DOMINION FREIGHT LINE, INC.
02/02Citigroup Raises Price Target on Old Dominion Freight Line to $380 From $275, Maintains..
MT
02/02Cowen Adjusts Old Dominion Freight Line's Price Target to $332 From $267, Keeps Market ..
MT
02/02Susquehanna Adjusts Old Dominion Freight Line's Price Target to $330 From $260, Keeps N..
MT
02/02Baird Adjusts Old Dominion Freight Line's Price Target to $340 From $276, Keeps Neutral..
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02/02Deutsche Bank Adjusts Old Dominion Freight Line Price Target to $396 From $290, Maintai..
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02/02Wells Fargo Raises Price Target on Old Dominion Freight Line to $395 From $315, Maintai..
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02/02Credit Suisse Raises Old Dominion Freight Line's Price Target to $338 From $323 After '..
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02/02UBS Adjusts Old Dominion Freight Line Price Target to $388 From $284, Maintains Neutral..
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02/02KeyBanc Raises Price Target on Old Dominion Freight Line to $400 From $325, Maintains O..
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02/01Old Dominion Freight Line's Q4 Earnings, Revenue Climb; Quarterly Dividend Raised; Shar..
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Financials (USD)
Sales 2022 6 271 M - -
Net income 2022 1 344 M - -
Net cash 2022 404 M - -
P/E ratio 2022 30,8x
Yield 2022 0,33%
Capitalization 40 403 M 40 403 M -
EV / Sales 2022 6,38x
EV / Sales 2023 6,37x
Nbr of Employees 24 389
Free-Float 87,2%
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Mean consensus HOLD
Number of Analysts 21
Last Close Price 365,70 $
Average target price 347,78 $
Spread / Average Target -4,90%
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Managers and Directors
Greg C. Gantt President, Chief Executive Officer & Director
Adam N. Satterfield Director-Finance & Accounting
David S. Congdon President & Chief Operating Officer
Kevin Marty Freeman Chief Operating Officer & Executive Vice President
John D. Kasarda Independent Director
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