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FDX - Old Dominion: Great Execution Yet Moving To Neutral Following Significant Rally And Higher Valuation
FedEx Corporation
Old Dominion (ODFL) is one of the best execution stories in the transportation sector. The company's relentless focus on improving the quality of its service has enabled it to gain market share through the cycles as well as charge a premium price. The company's on-time delivery has improved from 94% in 2002 to 99% in 2019 while its cargo claim ratio has declined from 1.5% in 2002 to 0.2% in 2019. Over the last decade, the company has quadrupled its revenues and improved its operating margins from ~5.65% in 2009 to ~20%