Old Dominion Freight Line Inc. (NASDAQ:ODFL) Q3 2018 Earnings Conference Call Transcript

Oct 25, 2018 • 10:00 am ET


Old Dominion Freight Line Inc. (NASDAQ:ODFL) Q3 2018 Earnings Conference Call Transcript


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Good morning and welcome to the Third Quarter 2018 Conference Call for Old Dominion Freight Line.

Today's call is being recorded and will be available for replay beginning today and through November 3rd by dialing 719-457-0820. The replay passcode is 3409151. The replay may also be accessed through November 24th at the Company's website.

(Forward-Looking Cautionary Statements)

As a final note, before we begin, we welcome your questions today, but we do ask in fairness to all, that you limit yourself to just a few questions at a time before returning to the queue. Thank you for your cooperation.

At this time for opening remarks, I would like to turn the conference over to the company's Executive Chairman, Mr. David Congdon. Please go ahead, sir.

David Congdon

Good morning and welcome to our third quarter conference call. With me on the call today are, Greg Gantt, our President and CEO and Adam Satterfield, our CFO. After some brief remarks, we will be glad to take your question.

I'm pleased to report the strong financial results for Old Dominion's third quarter. It was another record-breaking quarter for us in terms of revenue and profitability.

Financial results for the quarter reflect our ongoing ability to win market share, which has been supported by the strategic plan we implemented many years ago. While there are many elements to this plan, it is centered on people; our employees and our customers.

Our OD family of employees worked tirelessly to build relationships with our customers and those relationships strengthened our ability to provide all-time and claim-free service at a fair price.

This value proposition is clearly differentiated in our industry as is our continuous investment in assets, so that we have the ability to grow. Past results have demonstrated an ability to grow throughout the economic cycle, and we are confident we can continue delivering long-term profitable growth.

Economic indicators continue to be positive and coupled with a capacity-constrained industry, support a favorable pricing environment as well as continued strength with our volumes.

While we have persistently faced questions from investors throughout this year about when the domestic economy may begin to slow and simply hasn't happened yet. 2018 may turn out to be one of the best operating years in our company's history and we are excited about the opportunity for continued growth in 2019.

Before I turn things over to Greg, I would like to take a moment to pay our respects to Mr. Scott (ph) from Corporate Communications, who passed away unexpectedly last week. Scott had work with us since we went public in 1991, providing guidance on Investor Relations and kicking off our earnings calls. He has helped us communicate our story and was a tremendous part of our team. We will miss Scott dearly and offer our deepest sympathy to the Bray (ph) family and his colleagues at Corporate Communication.

Now here's Greg to provide more details on the third quarter.

Greg Gantt

Thanks, David, and good morning. Old Dominion produced another solid quarter of