One of the nation’s largest trucking fleets is expanding its network of service centers, with Old Dominion Freight Line Inc. (ODFL) saying it is building or enlarging nine freight handling facilities in both new and existing markets.
The move brings the Thomasville, North Carolina-based less than truckload (LTL) carrier to a total of 245 such facilities. According to ODFL, the network accommodates business growth in six new markets and three existing markets, allowing the company to support capacity needs, improve shipping time, and enhance delivery flexibility.
“Investment in our service center network is a hallmark of Old Dominion’s long-term strategic plan,” Chip Overbey, ODFL’s senior vice president of strategic planning, said today in a release. “We measure capacity in three key areas: service centers, people and equipment. Shippers can expect to see improved transit times, faster response times, and adequate capacity to meet their transportation needs.”
The new or improved facilities include: Brooklyn, N.Y., Edinburgh, Ind., Grand Island, Neb., Louisville, Ky., Mansfield, Ohio, McDonough, Ga., Mesa, Ariz., Milton, Pa., and Olympia, Wash.
Company profits fell overall in 2020 from $4.1 to $4.0 billion, but the company pointed to a profitable fourth quarter as a sign that conditions are turning around heading in to the new year. ODFL recorded revenue of $1.1 billion for the three months ending Dec. 31, compared to $1.0 billion for the same period the previous year.
“Old Dominion’s fourth quarter financial results include a 6.4% increase in revenue and 34.2% increase in earnings per diluted share. The acceleration in our revenue growth during the fourth quarter was driven by an improving domestic economy and increased demand for our industry-leading service,” Old Dominion President and CEO Greg Gantt said in a February 4 release.
“In addition, our consistent and long-term investments in service centers and equipment provided us with network capacity at a time when capacity within the transportation industry was generally limited. We were pleased to finish 2020 with strong financial results and believe the combination of our value proposition and available capacity position us to win additional market share in 2021,” Gantt said.
Editor's note: This article was revised on February 8 to add information about ODFL's financial earnings.
