Old Dominion Freight Line (ODFL) Approves $200M Buyback Plan

Old Dominion Freight Line (NASDAQ: ODFL) announced that its Board of Directors has approved a stock repurchase program authorizing Old Dominion to repurchase up to $200 million of its outstanding common stock over the next 24 months.

Under the program authorized by its Board of Directors, Old Dominion may repurchase shares from time to time in open-market purchases or through privately negotiated transactions. The extent to which Old Dominion repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations, as determined by Old Dominion’s management team. The repurchase program does not obligate Old Dominion to repurchase any number of shares and may be suspended or discontinued at any time.

David S. Congdon, President and Chief Executive Officer of Old Dominion, commented, “Our management team and Board of Directors believe that Old Dominion is well-positioned to achieve further profitable growth while also generating significant cash flow from operations. As a result, we expect our financial position to continue to improve despite the significant capital expenditures that may be necessary to continue to grow our business. We believe that the combination of our long-term growth opportunities and the financial strength required to initiate this stock repurchase program further demonstrates our ability to increase shareholder value.”

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