ODFL - Pedal to the Metal: Old Dominion Freight Is In The Passing Lane
The U.S. trucking industry is working hard throughout the novel coronavirus crisis to resupply the run on consumer staples everywhere. Among competitors, Old Dominion Freight Line (NASDAQ: ODFL) stands out as a quality company with good long-term prospects beyond the temporary trucking industry market bump.
Old Dominion Freight Line now commands about 10% market share of less-than-truckload (LTL) freight shipments. The company is on an upward trajectory, having total shipment growth of 58% between 2011 and 2019. To give some perspective, the growth percentages for its six closest competitors ranged between negative 14% and 31% during the same time period.
Founded in 1934, Old Dominion Freight Line originated as a single truck running a 94-mile route in Virginia. Over the next 80+ years, the company became a national less-than-truckload (LTL) freight transportation company.