Wall Street Transcript Interview with David S. Congdon, President and CEO of Old Dominion Freight Line Inc. (ODFL)

Wall Street Transcript

67 WALL STREET, New York - August 18, 2014 - The Wall Street Transcript has just published its Transportation & Logistics Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs and Equity Analysts. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

Topics covered: Regulatory Issues in the Trucking Industry - Trucking Pricing & Capacity Dynamics - Truckload, LTL, Parcel, Rail and Intermodal - Technology Adoption and Infrastructure Investments - Retail and Industrial Transportation Demand - Trucking Labor Shortage - Tight Truckload Capacity

Companies include: Old Dominion Freight Line (ODFL) and many more.

In the following excerpt from the Transportation & Logistics Report, the President and CEO of Old Dominion Freight Line Inc. (ODFL) discusses company strategy and the outlook for this vital industry:

TWST: Among your core services, which have contributed most to Old Dominion's recent strong performance? And overall, what do you attribute this strong performance to?

Mr. Congdon: We are first and foremost a less-than-truckload - LTL - company. We handle 97% LTL freight, which means we carry loads from as many as 20 different shippers in a single truck. The trucks travel to hubs throughout the country, where the shipments are offloaded to other trucks that deliver the shipments to their destinations. We are able to continually build upon our growing customer base by staying true to our founding principles of delivering a premium service. We also constantly invest in our employees, infrastructure, technology and real estate to sustain this growth.

TWST: Can you give us a closer look at how the LTL segment compares with full truckload?

Mr. Congdon: The LTL segment makes up about 5% of the overall freight industry. The LTL segment is estimated at approximately $35 billion in annual revenue. We operate very differently from the largest segment of the industry, the full truckload companies, which are comprised of fleets hauling one customer per trailer. Alternatively, LTL companies transport multiple customers per truckload to keep prices down.

TWST: How would you characterize Old Dominion's business model or anything unique about your corporate culture?

Mr. Congdon: Our corporate-culture focus, ever since we've been in business, is to serve our customers with the premium less-than-truckload service at a fair price. And we adopted a culture of helping the world keep promises about two or three years ago so that each and every shipment that moves is not just a shipment or freight, it is a promise that the manufacturer of the widget has made to his customer as well.

TWST: Has the company been faced with the driver shortage? And if so, how has the challenge of recruiting and retaining drivers been met?

For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

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