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.