Old Dominion Freight Line

Old Dominion Freight Line, Inc.
Public
Traded as NASDAQ: ODFL
S&P 400 Component
Industry Transportation
Founded 1934 (1934)
Founder Earl and Lillian Congdon
Headquarters Thomasville, North Carolina, USA
Area served
 Worldwide
Key people
  • Greg C. Gantt
    (President & CEO)[1]
  • David S. Congdon
    (Executive Chairman)
  • Earl E. Congdon Jr.
    (Senior Executive Chairman)
Revenue Increase US$ 2.99 billion (2016)
Decrease US$ 483.83 million (2016)
Decrease US$ 295.77 million (2016)
Total assets Increase US$ 2.70 billion (2016)
Total equity Increase US$ 1.85 billion (2016)
Number of employees
 17,543 (2016)
Website ODFL.com
Footnotes / references
[2]

Old Dominion Freight Line is a less than truckload shipping company. It offers regional, inter-regional and national LTL service. In addition to its core LTL services, the company offers logistics services including ground and air expedited transportation, supply chain consulting, transportation management, truckload brokerage, container delivery and warehousing, as well as household moving services. It contracts with freight forwarding services throughout the world.[3]

History

An Old Dominion Freight Line, Inc. truck.

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.[4]

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.[5]

Between 1969 and 1979, the company acquired 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.[6]

David Congdon, grandson of the company's founders, was named president and COO in 1997. Until May 2018 he served as the company's Vice Chairman and CEO. He then succeeded his father Earl Congdon Jr. as executive chairman. Earl moved to the role of senior executive chairman. Greg C. Gantt serves as President and CEO.[7]

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: Domestic, Expedited, People, Global, Household Services and 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.[8]

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.

  • In 2013, Fortune magazine named the company to its list of "100 Fastest-Growing Companies."[9]
  • Forbes magazine named Old Dominion as one of America's 100 Most Trustworthy Companies for the third consecutive year and as one of America's Best Employers.
  • NASSTRAC honored the company as 2015 Carrier of the Year for the third consecutive year.
  • SupplyChainBrain named ODFL in its 2015 "100 Great Supply Chain Partners" listing.
  • Inbound Logistics named the company to its 75 Green Supply Chain Partners (G75) List for the fifth consecutive year.
  • For the 5th consecutive year, Logistics Management honored OD with the Quest for Quality Award.
  • Mastio & Company ranked Old Dominion as No. 1 National LTL carrier for the seventh consecutive year.
  • CIO magazine recognized Old Dominion for IT Excellence with the CIO 100 Award for the fifth consecutive year.

References

  1. ↑ (change_at_the_top_for_national_ltl_powerhouse_odfl_congdon_retiring_gantt_t)
  2. ↑ "US SEC: Form 10-K Old Dominion Freight Line, Inc". U.S. Securities and Exchange Commission. Retrieved February 10, 2018.
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