Old Dominion Freight Line, Inc. (NASDAQ: ODFL) today increased its
outlook for growth in third-quarter less-than-truckload (“LTL”) tons per
day to a range of 18.0% to 18.5% over the third quarter of 2013 from the
previously disclosed range of 17.0% to 18.0%. The actual increases in
LTL tons per day for July and August 2014 as compared to the same
prior-year periods were 18.8% and 19.0%, respectively. The Company also
affirmed its previously disclosed expectations for comparable-quarter
growth in its LTL revenue per hundredweight, excluding fuel surcharges,
to be in a range of 2.0% to 2.5% for the third quarter of 2014.
David S. Congdon, President and Chief Executive Officer of Old Dominion,
commented, “Our strong growth in LTL tons per day for July and August,
and our expected growth for the full quarter, reflect our ongoing
expansion in market share while maintaining our price discipline. The
growth in our LTL tons per day has accelerated throughout 2014, which we
believe is attributable to the increased demand for our superior
service.”
Forward-looking statements in this news release are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Investors are cautioned that such forward-looking statements
involve risks and uncertainties that could cause actual events and
results to be materially different from those expressed or implied
herein, including, but not limited to, the following: (1) the
competitive environment with respect to industry capacity and pricing,
including the use of fuel surcharges, such that our total overall
pricing is sufficient to cover our operating expenses; (2) our ability
to collect fuel surcharges and the effectiveness of those fuel
surcharges in mitigating the impact of fluctuating prices for fuel and
other petroleum-based products; (3) the negative impact of any
unionization, or the passage of legislation or regulations that could
facilitate unionization, of our employees; (4) the challenges associated
with executing our growth strategy, including the inability to
successfully consummate and integrate acquisitions, if any; (5) changes
in our goals and strategies, which are subject to change at any time at
our discretion; (6) various economic factors such as economic recessions
and downturns in customers' business cycles and shipping requirements;
(7) increases in driver compensation or difficulties attracting and
retaining qualified drivers to meet freight demand; (8) our exposure to
claims related to cargo loss and damage, property damage, personal
injury, workers' compensation, group health and group dental, including
increased premiums, adverse loss development, increased self-insured
retention levels, and claims in excess of insured coverage levels; (9)
potential cost increases associated with healthcare legislation; (10)
the availability and cost of capital for our significant ongoing cash
requirements; (11) the availability and cost of replacement parts and
new equipment, including regulatory changes and supply constraints that
could impact the cost of these assets; (12) decreases in demand for, and
the value of, used equipment; (13) the availability and cost of diesel
fuel; (14) the costs and potential liabilities related to compliance
with, or violations of, existing or future governmental laws and
regulations, including environmental laws, engine emissions standards,
hours-of-service for our drivers, driver fitness requirements and new
safety standards for drivers and equipment; (15) the costs and potential
liabilities related to litigation and governmental proceedings; (16) the
costs and potential liabilities arising from our international business
operations and relationships; (17) the costs and potential adverse
impact of non-compliance with rules issued by the Federal Motor Carrier
Safety Administration; (18) seasonal trends in the less-than-truckload
industry, including the possibility of harsh weather conditions; (19)
our dependence on key employees; (20) the concentration of our stock
ownership with the Congdon family; (21) the costs and potential adverse
impact associated with future changes in accounting standards or
practices; (22) the impact of potential disruptions to our information
technology systems or our service center network; (23) damage to our
reputation from the misuse of social media; (24) dilution to existing
shareholders caused by any issuance of additional equity; and (25) other
risks and uncertainties described in our most recent Annual Report on
Form 10-K and other filings with the Securities and Exchange Commission.
Our forward-looking statements are based upon our beliefs and
assumptions using information available at the time the statements are
made. We caution the reader not to place undue reliance on our
forward-looking statements (i) as these statements are neither a
prediction nor a guarantee of future events or circumstances and (ii)
the assumptions, beliefs, expectations and projections about future
events may differ materially from actual results. We undertake no
obligation to publicly update any forward-looking statement to reflect
developments occurring after the statement is made, except as otherwise
required by law.
Old Dominion Freight Line, Inc. is a leading, less-than-truckload
(“LTL”), union-free motor carrier providing regional, inter-regional and
national LTL service and other logistics services from a single
integrated organization. In addition to its core LTL services, the
Company offers its customers a broad range of value-added services
including international freight forwarding, ground and air expedited
transportation, container delivery, truckload brokerage, supply chain
consulting, warehousing and consumer household pickup and delivery.
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