We see -- every now and again, you'll see some carriers adding a terminal here and there. Today's call is being recorded and will be available for replay beginning today and through April 30, 2021 by dialing 719-457-0820. That's very helpful. Our revenue increase to $1.1 billion as a result, which is the highest level of quarterly revenue we have ever achieved. I feel good about it. But we're coming right in where we would want to be and consistent with how we've trended over many years, because we've had a long term consistent process. Our next question comes from Allison Landry from Credit Suisse. So those will continue to increase as the financial performance, both revenue and income are increasing as well. And then you talk about the 25% door capacity. While things are certainly good and positive. 8 min read. We are winning market share as demand for our industry leading service has increased while the domestic economy is improving. Kind of what drove that? And so we've got a big inflection there. And we saw a nice improvement in the first quarter on revenue per shipment. In recent months, our tariff based business is continuing to improve as a result and actually is trending slightly ahead as a percent of overall revenue than where we were pre pandemic. Overall revenue for the quarter was down 15.5% second quarter of 2020. The CVP Impack is a revolutionary auto-boxing machine. So that's in the process as we speak. Kevin M. ("Marty") Freeman to Succeed Greg C. Gantt as President and CEO. And certainly, we're taking advantage of that opportunity with our market share improvements. And I'd like to turn it back over to you for any closing remarks. So we're going to have a bigger contribution from the fuel surcharge as well. Allison, I would say it's definitely a little more difficult than it has been in years past. A: Yes, wrestling is a lot of hard work as is LTL trucking. Data were collected at eight universities in Hanoi, Vietnam, in 2018 using an administered questionnaire. So we're going to see, if things continue a pretty meaningful drop, and that similar to what we experienced in March as well. So, that's something that we always have to stay focused on. Greg, you'd mentioned I think, an answer to one of the earlier questions about limiting some of the TL business out of your network. We're hearing from a number of LTLs, both public and private, that they're highly capacity constrained, given what's happening in the broader market. Yes, understood. And that's why, we certainly don't want to load our network down with truckload type shipments when we certainly feel like we've got obligations to service our normal regular LTL type business. What is the salary of Mr Gantt? So, we certainly have seen a decrease. Thank you. I am the perfect example of that. People come to work at OD and have the opportunity to create a life-long career. And I assume that's related to some new hiring, which presumably is coming in at slightly lower wages. This directly relates to my philosophy as a leader and the way we operate at OD. And I know last year, you had some special bonus payments, that it sounds like probably won't be recurring this year. Solutions Specialist at Old Dominion Freight Line, Inc. Our CEO, Greg Gantt, is optimistic about the outlook on this years economy. It all starts with our company culture and the family spirit that we have. Are there still pockets that have customers that haven't come back? Both are industry-leading benchmarks. And we're just seeing the higher balance in both of those categories versus that decrease in the mix from the spot quote. Old Dominion Freight Line's CEO is Greg Gantt, appointed in May 2015, he has a tenure of 8yrs. The strength of our first quarter results reflect how important these factors are to our success. But really the goal will be getting the workforce where it needs to be not only for this year, but really just gearing up and preparing for 2022. It comes from Chris Wetherbee from Citi. And that's something that really gets back to when we talk about our focus for hiring people. And we'll continue to execute on that going forward. Our next question comes from Ravi Shanker from Morgan Stanley. It has about. Our first quarter financial results validate the benefits of this long term strategy. As the Pres and CEO & Director of Old Dominion Freight Line, the total compensation of Mr Gantt at Old Dominion Freight Line is $6,326,832. Is it some kind of internal change and go-to-market strategy or messaging? And then just given some of those commercial real estate challenges, and Greg, your comment on having to work harder. Our people are committed to servicing our customers. So, it's not always clear. So I guess, how are you thinking about balancing the approach between making sure you're handling the needs of your existing customer base that are surging volumes, but also perhaps using this opportunity in a capacity constrained environment to expand your customer base? Where that's coming in? Is it just people, Greg, or what's the reason that that you couldn't do or it'd be tough to do 15%? Yes. You might be looking at and certainly we saw double digit type increase in revenue per hundredweight. So I think we're definitely seeing the evidence of that. Old Dominion Freight Line, Inc. (NASDAQ:NASDAQ:ODFL) Q2 2020 Earnings Conference Call July 30, 2020 9:00 AM ETCompany ParticipantsGreg Gantt - President and CEOAdam Satterfield -. As a company, we want to make each community a better place than when we first arrived. Hi. Or yield holding kind of at these levels, at these high levels, and you're seeing tonnage and shipment growth accelerate? Mr. Greg C. Gantt has been Chief Operating Officer of Old Dominion Freight Line Inc. since June 30, 2011 and has been its President since May 2015. Our strategic plan has worked throughout many economic cycles. But first quarter was quite strong as well. And certainly now that it's showing a year over year increase, we'd hope to minimize the effect on the bottom line as well. Employees at Old Dominion Freight Line rank Greg C. Gantt in the Top 20% of similar sized companies. You are hereby cautioned that these statements may be affected by the important factors, among others that are set forth in Old Dominion's filings with the Securities and Exchange Commission and in this morning's news release. So when you've got that mix of business that has now shifted into a percentage of business rather than shifted into our 559 tariff base customers and our larger contractual customers, I think it just reflects the underlying demand for our customers businesses. It comes from Amit Mehrotra from Deutsche Bank. Greg Gantt, president and CEO of Old Dominion Freight Line. At this time for opening remarks, I would like to turn the conference over to the company's President and Chief Executive Officer, Mr. Greg Gantt. And again, we're having success meeting our needs. But that's probably, we expect to still see PTE [ph] decrease on the second half, but just may be a little bit later in the year. Again, second quarter, we'll have some impressive numbers. This diligence, however, will not affect our focus on the long term opportunities for our business. Appreciate it, guys. And I think we're going to see probably a number more like that. Absolutely it is. I don't think there's necessarily a big underlying change. And I expect that we will certainly have much stronger growth than most all of our competitors. It's the quarter where we typically see the largest sequential increase in revenue performance as well. With the ability to create a right-sized box every 7 seconds, the CVP Impack measures, constructs, seals, weighs and labels each hard or soft single- or multi-item order in one consistent process. Gantt joined the company in 1994 as a regional vice president and was subsequently named senior vice president of operations, then executive vice president and chief operating officer. Are the comps much different in May, in June? From a bottom line standpoint, much like we talked about last year, we tried to have our fuel scales, both for our own internal scale, as well as the scales that many of our larger contractual accounts have within their contracts to be somewhat neutral, whether fuel is going up or down, and we stress test those. I think if you recall, we've talked a lot about that over the last several years. We've found that many of our employees previously worked for other carriers and heard about our culture, career offerings, and benefits, so they eagerly applied to work at OD. Can you talk a little bit sort of contractual pricing renewals. That makes sense. To what do you attribute that success? Do you see any use cases for either over the next five years or so? And welcome to our first quarter conference call. So it's good to see across the board, that when we look at our accounts, and think through that the increase in weight per shipment kind of goes hand in hand with the feedback that we're getting from our sales team that our customers businesses are improving. If we've talked about opening four, six or whatever it is, you can be sure those are well underway, or we wouldn't be talking about them. Greg C. Gantt has an annual salary of $542k and a total compensation of $2.78M. [Operator Instructions] We'll take our next question. Trng cung cp chng trinh ao tao cht lng cao trong linh vc giao duc ngh nghip cho cac em hoc sinh tt nghip trung hoc c s tr ln tai Vit Nam. Nm 2019, trng a c B Lao ng Thng binh va Xa hi cng nhn va cp giy phep thanh lp phn hiu cua trng tai 2/2c Khu Ngoai giao oan, Van Phuc, Ba inh, Ha Ni. And the change in weight per shipment is more a function of the economy at this point then kind of big shifts in the customer base right now? Kevin "Marty" Freeman, Old Dominion's executive vice president and COO since May 2018, will succeed him in the roles of president and CEO beginning July 1. Are those becoming more challenging? Good morning, Greg, and Adam. That's helpful. We believe we are the best position company in the LTL industry to win market share in both the current environment and over the long term. "We are rather bullish on 2022 and think the economy is going to be strong," said Gantt. And then that followed the weakness that we saw in February. And I've mentioned it in the past, there are some parts of the country that are much more difficult than others. And when you think OpEx per shipment needs to get back higher as shipment growth moves up? What if anything, are you guys doing as relates to electric and autonomous trucks? What's the opportunity for automation on some of the other kind of labor parts of the business kind of on the dock and the terminal side, rather than the autonomous driving side, which I think it should be here in rightly shorter? And looking at what the revenue inputs are, and the cost inputs are to maximize profitability. Partly, I assume, because of the attribution to growth from yield and pricing. Thank you for your cooperation. We achieve this goal in the first quarter, as our ability to deliver best-in-class service at a fair price contributed to the increase in our volumes, resulting improvement in density, as well as an increase in yield that exceeded cost inflation led to the 76.1% operating ratio for the quarter and 53% increase in earnings per diluted share. Please go ahead. Or are you guys able to meet that? We're not capacity constrained. And maybe if you can speak to just the broader wage inflation and your expectations there? Yes. But I think we're in a great spot. We are pleased to report a great start to 2021 for Old Dominion. But we ask in fairness to all that you limit yourself to just a couple of questions at a time before returning to the queue. At this time it comes from Jack Atkins from Stevens. On the autonomous piece, that's something that we feel like that technology is continuing to develop, and we'll continue to look at things. I mean, is there some concern, or is there some -- I mean, you see the industry trying to add capacity broadly, it not just the potential public guys, but sort of, maybe, the private LTL players too? In his past career he occupied the position of Vice President-Southern Region at Carolina Freight Carriers Corp. 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I wish it was sometimes it would happen a little bit quicker than it does. That certainly has made it easier to both attract and retain employees. That 25% reflects the door capacity that we have in our network. Thank you and have a great day. So there was a big increase and shift there, and reflect on the success and the programs that Greg mentioned. We're just benefiting right now significantly from the leverage and productivity, yield performance in our business. Absolutely. And there's just the increased demand for widgets out there that's creating freight opportunities for us. And the difficulty is meeting the needs as quickly as the business is coming at you. repurchased will occur no later than the end of August of this year. But I'm not sure once we get back to normal type comparisons, we're going to see that kind of growth, that's probably a stretch. Industry and Trade College. And that's probably been causing a little uptick. I know you've touched on this kind of a couple different ways throughout the call. Kind of maybe if you can help contextualize what that 25% available capacity means, in terms of your ability to grow sequentially from these levels? Q: Old Dominion is involved in many charitable causes, including youth baseball. It's full steam ahead where we're trying to hire and add to our workforce to meet those capacity demands. In addition to our service advantage that includes 99% on time performance and a cargo claims ratio of 0.1%, our proven strategy of investing and service center capacity ahead of anticipated growth has also provided us with a capacity advantage in the marketplace. But we haven't seen a whole lot of movement for the most part. In coordination with the $290 million CapEx spend that we have planned for equipment this year. And pricing has been strong. They're going to look a little unusual as well. Thanks and good morning. I assume you'll expect that as well. And we will continue to look at it, leveraging the improvement in our revenue and trying to continue with our productivity initiatives. Old Dominion is proud to offer many awards and recognition to recognize employee accomplishments. Q: What are some of the ways you attract and maintain talent? And we feel like far ahead of our growth curve to make sure the network is never a limiting factor to us. y la bc phat trin mi trng co th ong gop hiu qua hn vao s phat trin ngun nhn lc cht lng cao tai Vit Nam. As you mentioned, the year-over-year weights and shipments are going to look a little unusual. Old Dominion Freight Line President and CEO Greg Gantt will retire from his role at the end of June, the LTL carrier announced Tuesday. So that would suggest another $0.25 to $0.30 sort of sequential increase, if you will, and that revenue per hundredweight metric excluding the fuel. Okay. In his past career he occupied the position of Vice President-Southern Region at Carolina Freight Carriers Corp. Current positions of Greg Gantt Holdings of Greg Gantt Greg Gantt : Personal Network Congrats again. That was the word from Greg Gantt, ODFL President and CEO, speaking at the SMC Jump Start conference in Atlanta this week. But we're in a good position moving forward and all things go. Or is it hard to achieve for people or trucks or whatever? Do you feel like some of your competitors are more vulnerable? On a sequential basis, revenue per day for the first quarter increase 3.3% as compared to the fourth quarter of 2020 with LTL tons per day increasing 0.7% and LTL shipments per day increasing 1.5%. 808 / QD - LDTBXH June 25, 2009 of the Minister . We'll take the next question that comes from Jordan Alliger from Goldman Sachs. The freight market remains busy as we turn the calendar into 2022, and Old Dominion's CEO, Greg Gantt, is optimistic about the outlook on this year's economy. We were anticipating somewhere more like 34% for this year, 34% to 34.5% was kind of my initial forecast. It turned if you will. We performed very well in the first quarter and had some costs in categories that kind of went well for us. We lost a little productivity on the dock. Nm 2019, vi tc phat trin nhanh chong cua nha trng, trng a thanh lp phn hiu Cao ng Quc t Pegasus tai Ha Ni. And welcome to the First Quarter 2021 Conference Call for Old Dominion Freight Line. You want to have enough to be able to handle the peaks at the end of the month and the end of quarters and to be able to accommodate growth. And I know, the month isn't done yet. Just trying to understand your view, if you think there's an underlying shift in the market or the freight dynamic? And we've averaged an increase in our revenue per shipment of about 4.5%. Hey, thanks. I mean, obviously, if we knew we were anticipating that. Greg Gantt is president and CEO of Old Dominion Freight Line (OD). Are there any things that would impact that? Thanks. It'll move between truckload and LTL depending on the capacity that the truckload market has at the time. And so, that was good performance. And I feel like we're in a really good spot, based on where our fleet is and the ability to handle the freight that we have today, as well as the ongoing increases that we would be anticipating this year. So I have two questions for you. Not to mention that last year in April was when the fuel dropped significantly. Or is that something that you can actually turn on a longer duration, maybe contractual basis to add to your growth? And do you think this is mainly a function of cyclicality? And so, certainly would try to get a little more in an environment like this when we may not be able to get as much in environments that are a little bit weaker. We appreciate your questions. We utilize $309 million for our share repurchase program and paid $23.2 million in dividends during the first quarter. And to keep getting some leverage. Got to remember right, we just came off the rim. Or you okay with where you are? We'll take the next question. In the locations where we're having job fairs and things like that, run ads or whatever, we're, we're getting a nice response. But we'd look to see continued strong revenue performance, and whether that's coming through in tonnage, shipments and yield, I think it's really all of the above. networks. If that was realistic, then it would certainly be more realistic, but I'm not sure, we'll see that those type numbers. And like I've mentioned before, and we've talked about over the years, we will grow more when the economy is strong. How much room is there to kind of outgrow what the normal sequential pattern has been? Our focus is never to simply increase market share and revenues. But that's one of three key elements of capacity within LTL. But obviously, you got the other two elements that Adam highlighted. Seeking . But that is common when business levels accelerate and we add a significant number of new employees. Not at this point in time. Okay, Adam. We're talking about the $300 million real estate capital expenditure budget this year. And we're getting the feedback from customers that many of our competitors are not able to handle some of the acceleration that they're seeing in their business. But I think that we're continuing to see revenue perform pretty much in line with what we'd expect from a sequential standpoint. Last year, we felt -- when it was decreasing, we felt like, we would minimize the effect on the bottom line, based on the lower end of the fuel scales. There are no quick fixes or gimmicks. In June of 2020, we were down 11.5%. That's good. And we'll continue to do that until we complete the additions to the team that just sort of catch up with the freight volumes that we're currently experiencing. In Hanoi. Be it switchers, be it trucks or -- and/or forklifts. Old Dominion has reported seven straight quarters with double-digit revenue growth under CEO Greg Gantt, who will retire on June 30 and be replaced by the company's chief operating officer. Is it difficult to continue to sort of keep that sort of physical footprint capacity growth in line with what you'd want it to be just given obviously, a very strong demand environment that we're seeing, but obviously, sort of tightness in kind of across the base and commercial, industrial real estate. And then also thoughts around productivity. We've got a process that's focused on individual account profitability, and one that focuses on continuous improvement as well. Is it kind of back to pre-pandemic levels? Maybe just want to pick up on the on the pricing side. But our operation is running extremely smooth right now. [Operator Instructions] We will take the first question. Our direct costs benefited from an improvement in our line-haul laden-load average and pick up delivery shipments per hour during the quarter. Please go ahead. But we are having success. The outlook for Thomasville, NC-based national less-than-truckload carrier Old Dominion Freight Line (ODFL) is optimistic. The 10-year average change for the respective months are an increase of 1.2% in January, an increase of 2.2% in February, and an increase of 5.1% in March. Is that fair? And now its the time when it starts to pay off for us. 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It can help us keep our cost structure lower, so that we can improve profit per shipment, without having to rely completely on pricing initiatives. I expect some of them are trying to do something. That 15% is a bit over where we are today. We have said many times before that the long term improvement or operating ratio requires an improvement in density and yield, both of which are generally supported by a favorable macro economic environment. They're not at the point where we're trying to find real estate and build. We're adding where needed. Hin tai, trng tp trung ao tao h cao ng chuyn nganh quan tri khach san, nha hang; quan tri kinh doanh; marketing; quan tri nhn lc; k toan tai chinh cho cac em hoc sinh a Nng, Quang Nam, Nha Trang, Ha Ni, thanh ph H Chi Minh va cac tinh ln cn. And then, I guess maybe a bigger picture question to follow up. Courtesy of Old Dominion Richard Craver Significant boosts in incentive pay for the top two executives for Old Dominion Freight Line Inc. contributed to higher total compensation for fiscal. I mean, that's, that's capacity from the freight levels that we're handling here in March in the first quarter. Our first quarter operating ratio improved to 76.1% with improvements in both our direct operating cost and overhead cost as a percent of revenue. They're all performing well, and contributing to excellent revenue quality, and obviously in the first quarter that's contributing to really strong profitable growth force. Thank you. Can you maybe talk about what you're seeing April versus March from a tonnage and shipment perspective relative to normal seasonality? Obviously, that implies a lot of room to grow. So we'll keep using that supplement, the workforce until really we're in position to be able to handle anticipated growth with our complete team and everything in sourced where we would like it to be. That business is about a slippery as it gets. And that was part of that overall core inflation of 4% to 4.5%. In wrestling, you have to work hard every day, and you have to be consistent. We expect that there will be sequential increases in aggregate overhead costs this year. The total share repurchase amount includes $275 million attributable to an accelerated share repurchase agreement that was executed during the first quarter. Thank you. Our month to-date revenue per day has increased by approximately 45% to 50% when compared to April of 2020. Or do you think that commentary on April kind of could be representative of the quarter? 11 on the Transport Topics Top 100 list of the largest for-hire carriers in North America. And we talked about, hoping to see that number decline as we progress through the second quarter. Please feel free to give us a call if you have anything further. But we still have a very high quality, long haul and medium haul business. But what's clear is just us trying to understand all of the freight movement characteristics, the costing for each shipment, and the revenue that we need to have on each shipment that we move. Vo cui thp nin 1990, cc thanh vin sang lp ca KinderWord quyt nh phat trin thm cac c s cua tp oan nc ngoai, trong c Vit Nam. The next question comes from Tom Wadewitz from UBS. But certainly, our focus is always to produce as much profitable growth as we can. Our effective tax rate for the first quarter of 2021 was 26.0% as compared to 26.3% in the first quarter of 2020. But we are continuing to use the purchase transportation, though, and that amount stayed pretty much in the same range as where it was in the fourth quarter. Thank you for your participation. Or would you attribute this to some kind of secular shift, maybe e-commerce or something like that? I think that possible that we'll continue to see some inflation there. If I think about the sequential acceleration in April, just trying to understand if you're seeing that in yields, as well. We have a great reputation that we have built over our 85-year history. It was the best quarter as a percent of revenue that it's been in a number of years as far as I can tell. So you're talking about big numbers, bigger numbers on top of big numbers, if you will. Okay. As president and CEO, what does that mean to you? And we are benefiting from that at a time when we think the industry continues to have tailwinds. Our first quarter shares outstanding reflects the initial delivery of shares under this Agreement, and a final calculation of total shares. I'm not sure I recall those days. As we progress, we have pretty good performance. We will provide the actual revenue related details for April in our first quarter form 10-Q. So that, too, is we have seen in the first quarter. I wish it was a little quicker. We know that shippers are . Of this total $917,701 was received as a salary, $9,200,000 was received as a bonus, $0 was received in stock options, $2,578,625 was awarded as stock and $39,085 came from other types of compensation. Gantt joined the company in 1994 as a regional vice president and was subsequently named senior vice president of operations, then executive vice president and chief operating officer. And then as a follow-up and a follow-up to Chris is, in early February, you've mentioned plans to open two to three terminals in 1Q, hopefully, six or so through the rest of the year. So it sounds like that the mix is normalized. I don't know that we've seen that. Based on our data team's research, Greg C. Gantt is the Old Dominion Freight Line's CEO. So, I think we're in a very unique and a very positive position when the market turns as positive as it is today. So, as far as -- how much that amounts to? And that benefited from both higher weight per shipment and a higher length of haul as well. Our per day revenue growth of 15.9% included a nice mix of increases in both our LTL tons and yield. Our HR team has done a really great job of continuing to bring people on board and get them ready for the acceleration and freight that we typically see through the second and third quarters. We'll take the next question. At this time, it comes from Todd Fowler from KeyBanc Capital Markets. So, again, I think we're having the success that we need, be it more difficult, and it's obviously, it's more expensive. As a final note, before we begin today, we welcome your questions. And obviously, you don't want to carry that much excess capacity like we do on the service center network side in your fleet, there's higher deer depreciation per unit cost there. From a regulatory standpoint. And if I can follow up on the on the labor question, which you hit a few times. Great. But those are well underway. But we've seen really good performance with our smaller accounts. We maintained our commitment to our long term strategic plan and invested during those times for our future. And so, that leverage on existing cost base and so forth creates that opportunity for us. Without limiting the foregoing, the words believes, anticipates, plans, expects and similar expressions are intended to identify forward-looking statements. And I would think that given the latent capacity that you guys have in your network, you mentioned 25% in your prepared comments, this is going to give you a chance to really demonstrate your value proposition, potentially, to new customers. So, it's probably going to be more of just looking at that pure number. THOMASVILLE, N.C., January 31, 2023 -- ( BUSINESS WIRE )--Old Dominion Freight . SPORT DAY 2023 MT TRONG NHNG S KIN BNG N NHT TI PEGASUS INTERNATIONAL COLLEGE TRONG NM 2023. I don't know, Adam, you probably got a better feel for that than I do. So, so maybe if we can just start with April. And as I think about the step up and CapEx that's expected. This strategy is different for many of our competitors, as we believe the average number of service centers operated by the other large LTL carriers has decreased over the past 10 years. I know you guys are making some efforts to keep some of the truckload business out of the network. If you have an ad-blocker enabled you may be blocked from proceeding. Services Old Dominion Freight Line's (ODFL) CEO Greg Gantt on Q2 2021 Results - Earnings Call Transcript Jul. I don't know that we ever, it's hard to envision seeing the driverless vehicle on the road, sharing the roadways with passenger autos. While many of these calls such as travel and customer entertainment are not completely back to pre-pandemic levels. We generally see our largest increases in market share when the domestic economy is strong, and industry capacity is generally limited. And so certainly, that's something that we'll continue to experience is we're increasing headcount. Good morning, Greg and Adam. Greg Gantt elevates for slam vs. Boston College Eagles. And that is a target over our cost inflation of 75 to 100 basis points. And I think we've got a good plan, a very detailed plan and is different by service center and by region for how we're continuing to add drivers and platform employees to the team to continue to handle the accelerating volumes that we're seeing. So length of haul comes down and probably over time and then right now just be more mixed driven. I assume you're talking about robots and that kind of thing? All employees are bought in to provide exemplary service far above and beyond our competitors. I would certainly expect. And there is a value to Old Dominion services, as well as the capacity. We're continuing to invest in our fuel-efficient fleet, 235 service centers with more openings and renovations coming in 2019, and most importantly, our people, with training and career development to help them succeed and provide better service to our customers. So I just wanted to ask about the length of haul I mean, its been increasing for the last few quarters, and you're now sort of at the longest haul. But obviously, a strong overall freight environment right now. The oldest executive at Old Dominion Freight Line, Inc. is Earl E. Congdon, 90, who is the Chairman Emeritus & Sr. Advisor. Yes. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Chris, that's a great question. Old Dominion's revenue for the first quarter of 2021 was $1.1 billion, which was a 14.1% increase from the prior year despite having one less work day. Thank you, Greg, and good morning. And then just, I mean, on the labor front, obviously, everyone's having challenges as far as hiring drivers and dock workers, warehouse called that. Yes. Q: Are there any new initiatives OD is undertaking that you wish to discuss? And the reason I just asked this question is I'm trying to understand, when OpEx per shipment has to inflect more meaningfully getting back to closer to that 4% to 5% level, because it's actually been declining over the last couple quarters. LTL tons per day increased 10%, while our LTL revenue per hundredweight increased 5.6%. There are no more questions in the queue. So, I think that's the challenge. We have the best and most committed team in the industry. Yes, good morning. Thanks. You heard our numbers. Greg C. Gantt is President, Chief Executive Officer & Director at Old Dominion Freight Line, Inc. Our next question comes from Jon Chappell from Evercore. And again, as we talked about before, we feel like there's a lot of growth opportunity left in the -- on the LTL side. We also just announced a formal partnership with the American Red Cross as a member of its Disaster Responder Program, where we made an annual pledge of $250,000 to help the Red Cross prepare in advance of disasters to help meet the needs of people affected by disasters big and small. That we'll see if all the stars stay aligned as we transitioned in the second quarter. And then just the way the math work. I'm not sure the economy's quite that strong. And we're certainly seeing a lot of headlines on some traditional TL tonnage going into the LTL. Yes. And I think you even hit the autonomous truck question ones, but if I can just keep on that topic. I came to OD in 1994 and served in a handful of positions throughout the company before being named CEO this past year. Our operating ratio improved 530 basis points to 76.1% and earnings per diluted share increase to $1.70. I think a lot of transport companies spoke about first quarter being a little bit challenging given weather related obstacles to moving freight. I don't think we'll see that. But at the end of the day, we're trying to produce as much profitable growth as we can. So probably, a little bit of recovery there, that helps support that number. Some of that, like we saw in the first quarter, where we lost a little productivity on the dock, as we continue to hire new employees and put them into the operation. And it's hard to get into the details of that on tonnage and shipments basis, because the trends have been a little more or unusual, if you will, and not following the same types of patterns in the sense of the way -- our weight per shipment has been trending intra month and so forth. And on the labor inflation standpoint, we gave our wage increase in September of last year. But we're going to continue on with our focus and you asked about OpEx as well. We'll see it obviously, in the second quarter when we were so far back in 2020. And we've got the financial strength and ability to invest as those become available, and we feel like are practical to implement within our operation and certainly would be on board with taking advantage of whatever opportunities the manufacturers can come up with. We have 235 service centers across the country, and our OD Family lives and works in all of these communities. the company's President and Chief Executive Officer, Mr. Greg Gantt. Giving back is who we are. In addition, our management team is tremendous; we are experienced, and all are on the same page, making a strong team. So, we're in a good spot across the board. Well, obviously, from a top line basis, it's finally going to be turning for us, in the sense of for most of last year we faced the headwind with fuel prices being down in March. On the electric side, right? That's our plan. Please. And obviously is, I think we've got one of the youngest fleets in the industry and are investing year in and year out, we always want to look at whatever safety or efficiency tools are available to us. 15% tonnage, Tom, that's pretty steep. Learn more in our Cookie Policy. Q: Old Dominion was named to Forbes magazine's 2019 Best Employers List. So -- and I know you want to hold off on the specific comments until the 10-Q comes out. And they're taking steps to actually limit the volume that they're taking in from their customers. And certainly when you've got accounts that may not be the best performing from an operating ratio standpoint, then we try to work through those as those accounts may be asking for more capacity from us. I appreciate the time this morning. And it is definitely more difficult and much more challenging today to increase that brand on the real estate side than it used to be. Entering text into the input field will update the search result below. Please go ahead. Every shipment we handle is an opportunity to impress two customers (our customer and our customer's customer). But it's still above where you had been trending in 2017 and 2018, and even into 2019. That's what we've talked about now for years. And typically, we see, an average about 1.5% increase from 1Q to 2Q if mix is held constant. Headcount was up 5%, that year, in the second quarter. As of October 2015, the University has collaborated the training with 18 educational institutions in Hanoi and 25 in other regions. Greetings. Okay. Hanoi College of Commerce. Okay. So anecdotally, feedback that we're getting from customers as well as just what we see in terms of total service centers and operation, on average, they are down. Or is there any shifts that are happening within the mix to see the weight per shipment works out right now? So, we're waiting to see, but it's not any anything that we've done, the change. We're doing that. We've been seeing some wider shipments earlier in the month, and then it just strengthens throughout and then gets heavy at the end. Please go ahead. But core increases are going well. When you say that's hard to achieve, I think you did it in 2014, and 2018, you're probably close in 10 and 11. This year, we removed the baseballs from the trailer and wanted to give them a second life. So we've got to make sure that that we're properly loading these trailers to maximize the overall efficiency of the operation. I think you'd have to go back five years or so. This is the environment in which we are now operating. And typically, our headcount is pretty flat. Q: Your company motto is "Helping the World Keep Promises." The replay passcode is 7623805. Our objective is to win market share in a way that can produce profitable revenue growth. That was probably long winded in my initial response. Lnh s qun Hn Quc ti Nng va t chc thnh cng cuc thi K-food festival vng chung kt ti trng Cao ng Quc T Pegasus. Please go ahead, sir. We had incredibly strong performance in March, at tonnage per day, that was up 10.7% versus the normal 5.1% increase, that was the 10-year average. Now, with that said, some of those -- some shippers, especially the larger accounts, when our weight per shipment increased last year, they just move heavier type shipments on their contractual rates. Old Dominion ranks No. But otherwise we're not capacity constraint. The monthly sequential changes in LTL tons per day during the first quarter were as follows; January increased 0.3% as compared with December, February decreased 4.4% versus January, and March increased 10.7% as compared to February. A: We have a unique culture at OD. Tp oan KinderWorld co s mang cung cp nn tang gio dc cht lng quc t va cc gi tr phng ng nhm gio dc hc sinh tr thnh cng dn ton cu c trch nhim vi x hi v cng ng. And all those metrics go into our yield management process. The average tenure of the management team and the board of . It's not sticky at all, Jon. Is that the way to characterize it? Alright. On the average headcount side, in the first quarter, initially, we were up 4.3% versus fourth quarter. And I would say, over the past 12 months, really, since the COVID impact on the mix of our business that we've probably just seen a little bit more market share in with our contractual business, and certainly saw more growth. But now, we're starting to look at the cost that you mentioned that we expect to have some increases in our aggregate overhead costs. Read about what OD see as trends, challenges, & opportunities for the #supplychain going forward as the industry continues to navigate the current #freight environment: https://bit.ly/3odiu2a. And certainly we're positioned better than anyone with the service levels that we offer, the total value proposition. With me on the call today is Adam Satterfield, our CFO. Certainly, you can start seeing a little bit of headwind on productivity there. Greg C. Gantt is President, Chief Executive Officer & Director at Old Dominion Freight Line, Inc. Good morning. They're well underway. We'll pick the next question. Greg Gantt is 64, he's been the President, Chief Executive Officer, and Director of Old Dominion Freight Line since 2018. But if we can continue to keep costs in check through productivity, and certainly right now, we're benefiting from the strong top line growth and just the increase in shipment is creating operating leverage that that's benefiting our cost structure there. After some brief remarks, we will be glad to take your questions. In a demand environment like this, we've got to think about opportunity costs with how we allocate capacity. Please go ahead. Gantt earned a degree in health and physical education from Appalachian State University, where he was a member of the university's intercollegiate wrestling team. EPS of $2.47 beats by $0.09 | Revenue of $1.40B (32.31% Y/Y) beats by $25.11M. As expected and mentioned on our fourth quarter call, certain calls that were reduced in 2020 because of the pandemic have started to increase. View Greg Gantt's business profile at Old Dominion Freight Line. But we have had to limit some of those types shipments and keep them out of the truckload. As a reminder, our revenue decreased 19.3% in April 2020, due to the significant impact of the COVID related shutdowns. We provide on-the-job training programs to help and encourage our employees to grow and develop their careers, and we have a strong pay and benefits program. Still, that's a pretty significant uptick in business. That's great. This concludes today's call. SIT20322 Chng ch II Khch sn, Nh hng, SIT30722 Chng ch III Khch sn, Nh hng, SIT30816 Chng ch III Ch bin mn n (Apprenticeship), Pht trin k nng o to theo tiu chun VTOS, S mang li h thng giao duc Kinderworld tai Vit Nam, LICH S PHAT TRIN TRNG CAO NG QUC T PEGASUS, TRNG CAO NG QUC T PEGASUS - PHN HIU H NI. Low 70s OR in the second quarter implied by seasonality would be pretty impressive. Greg Gantt is president and CEO of Old Dominion Freight Line (OD). So it's very slippery. I think we've made tremendous investments, particularly in the last 10 or 15 years to increase our capacity and it's obviously paying off for. The replay of the webcast may also be accessed for 30 days at the company's website. We have a strategy, and we execute on it daily. In an LTL network, it's the doors that is required to process freight. Mr. Gantt served as Executive Vice President of Old Dominion Freight Line Inc. since June 30, 2011. THOMASVILLE, N.C.-- ( BUSINESS WIRE )--Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today announced that its Board of Directors, as part of its designed succession plan, has approved. So multiple factors that's going to be driving that number for us. And then just my second question, you'd mentioned this -- that'll give 25% available capacity. We were actually in the process of making a couple purchases to do some testing. Yes. Now, that makes sense. Trng Cao ng Quc t Pegasus c thanh lp nm 2015 tai a Nng, Vit Nam. Yes. Please go ahead, sir. But again, we're having success. But that's what we shoot for year-in and year-out. What makes your company a desirable place to work? I think that historically, maybe it's been six to nine months to get new employees up to a level of efficiency of more experienced hires. Is there a broad scramble to increase industry capacity right now? So that certainly will throw things off a bit. And then our contractual accounts, which performed well for us all last year, continuing to perform strongly as well. But again, also supporting the continuous investment and capacity that we're making on behalf of our customers. Mr. Gantt served as Senior Vice President of Operations of Old . Thank you for joining us this morning. Nice quarter. He remains a fan of NCAA wrestling as well as Major League Baseball. 28, 2021 5:40 PM ET Old Dominion Freight Line, Inc. (ODFL) 1 Comment SA. 14.1% revenue growth rate was also our highest since the fourth quarter of 2018. Typically, revenue per day is up 10% in the second quarter versus the first. So if you have any kind of overall numbers, that would be great? Gantt will become a board member in May, according to a spokesperson. Can you -- is there any way to quantify how much of your tonnage growth has been what you would consider kind of traditional TL? But the connection to the financial performance, and that direct link of the engagement of employees with connecting the company's financial success to their personal success through improved wages and benefits and contributions into our 401-K retirement program. Please go ahead. They're following our safety protocols and so forth. We'll take the next question. Okay, great. So we're seeing that until September of this coming year on just pure inflation standpoint. We're still trying to catch the curve, if you will, with the growth that we're seeing. So kind of just curious if you give us a little bit of color, how those numbers are trending? Thank you for your cooperation. Over 3,000 ODU employees call campus home, and their dedication provides students and the University with the skill and dedication to ensure ODU remains a leader in higher education. This starts with our OD family of employees, which already grew by over 1000 new full time employees during the first quarter. And the productivity that you mentioned, like we mentioned, our prepared remarks, especially on the dock, it's pretty typical to see a loss of productivity. PEGASUS INTERNATIONAL COLLEGE; Vung Trung 3, Phu My An New Urban Area, Hoa Hai Ward, Ngu Hanh Son District, Danang; 023 6730 1555; [email protected]; PEGASUS INTERNATIONAL COLLEGE - HANOI CAMPUS; No 2/2C, Doan Van Phuc Diplomatic Area, Kim Ma Street, Ba Dinh, Hanoi, 091 636 0505 - 024 7304 1555; [email protected] These were all above our normal sequential trends, which typically declined from the fourth quarter. Now, it comes from Scott Group from Wolfe Research. Yes. And once things reset, we had pretty good recovery and sequentially increases for the most part that point forward. We have limited some truckload type shipments that we're coming our way more so -- more strong, much stronger back in March than today. Please go ahead. All of this makes OD a place where people want to work every day. So that's great to hear on the April trends. Employees rate their CEO differently based on the frequency of interaction, ability to affect company culture, and drive measurable results. Old Dominion Freight Line has 19,779 employees, of which 21 are in a leadership position. And for many periods out of the West right now, our growth is very balanced across all of our regions, but a lot of times the freight coming out of the West will have a longer length of haul associated with it. That was the biggest drop that was just like freight and revenue levels fell off a cliff. And certainly, we would expect to get some improvement this year. Good morning, guys. Adam, can you just talk about the impact of higher fuel and what it means for top line, bottom line incremental margin this year? This study aimed to describe mental health service utilization and examine associated factors among students in Vietnam. Inside OD, we refer to ourselves as the "OD Family," because we look out for each other, we have a mutual respect for one another, and we have a passion for the business and our mission to provide the best service to our customers. But nevertheless, our overall revenue, obviously 45% to 50% on a comparison basis with April suggests that we are seeing continued strength and acceleration in our business. The long term plan has always been to balance our revenue per shipment versus the cost per shipment performance and having a positive delta there to support the ongoing investments and capacity that essentially we're making on behalf of our customers, As well as investments in technology, tools and so forth. You get to the point where maybe you look outside of organic growth, and there's kind of inorganic ways to make up for some of that growth at a time when most of your competitors are standing still, if not even contracting? So, I do not think that will limit us going forward. Right now, they're probably only 1% to 2% of revenue. Yes. And we're going to keep focused on making sure that we're focused mainly on keeping our service metrics best-in-class, secondary focus on productivity. I think that we'll see our benefit cost per employee, some acceleration there. Greg C Gantt is President/CEO at Old Dominion Freight Line Inc. See Greg C Gantt's compensation, career history, education, & memberships. Our plan is to ensure that our network is never a limiting factor to growth. Hanoi High-Tech Vocational College (Transaction name in English: College of High Technology; abbreviated as HHT) - key project to welcome the 1000th anniversary of Thang Long Hanoi, is a training facility created public directly under Hanoi People's Committee, established under Decision No. And that's what we're trying to do. We improved our overhead cost as a percent of revenue during the first quarter primarily by successfully leveraging a revenue growth. Please disable your ad-blocker and refresh. Sure, Scott. Trng la mt thanh vin cua tp oan giao duc Kinderworld, Singapore. Do you care to share kind of any expectations around headcount growth, either sequentially into the second quarter, or kind of what your thought process would be for the full year. The biggest year we ever had was in 2014, again another strong period. Yes. Thank you. We intend to hire additional employees this year to further increase the capacity of our workforce. We're seeing good increases as the contracts are coming up. College of Urban Works Construction. The favorable operating environment and improving trends we intend to invest significantly in all elements of capacity this year to support our revenue growth initiatives. So I guess my question is, when I think about comp per employee, can it stay in this range sequentially? We are the premier LTL carrier that provides a premium service for a fair price. Okay. Old Dominion Freight Line, Inc. ( NASDAQ: ODFL) Q3 2021 Results Earnings Conference Call October 27, 2021 10:00 AM ET. Hard work and determination win every time. But we get in the, like I say, more normal comparisons. I'm saying, have you done any studies? Please go ahead. That's very helpful. Copyright 2023. That's very helpful. So each month, the change -- I guess the comp gets a little more difficult, but just reflects sequential improvements that we saw. We've had a pretty significant uptick in business when -- as Adam mentioned, talking about April 45% to 50% increase, be it we were down last year. Its this the strategy we've been talking about for a long time. Constructional Technical College No. While we would like to see our platform productivity improved, we believe it is more important for these employees to properly load our trailers to maximize employee safety in line-haul efficiency, while also protecting free from damage. He directly owns 0.04% of the company's shares, worth US$15.4m. As Greg mentioned, we will continue to add drivers and platform employees during the second quarter as our volume trends continue to accelerate. Here are further demographic highlights of the leadership team: The Old Dominion Freight Line executive team is 24% female and 76% male. That's helpful. And then just a longer term question. It's hard to ramp up, Tom at that pace. Those are all things that helped keep driving the performance of the company. The comparisons, both year-over-year and sequentially are just abnormal this year, because of what was happening last year, and obviously, how strong March was. So there shouldn't be some corresponding decreases once we kind of catch back up to the curve there. I mean, you've got obviously a super easy compare in second quarter. Trng cung hp tac vi Na Uy cung cp chng trinh NOREC Chng trinh trao i sinh vin quc t, hoc nganh ch bin mon n tai Chu u va Nepal mt nm, cp chng chi III khung bng cp Uc. We've done a good job the last three quarters and have had nice sequential changes that have been kind of what our normal progression is. So, is it feasible to get to a mid teens type of tons growth this year? But we're having success. And that's just creating more and more opportunity for Old Dominion. Jon, no, we -- like I said, we're having success in the service centers that we've got planned for this year. Photo courtesy of Old Dominion Freight Line HDT: Congratulations on your appointment as Chief Executive Officer of Old. So how do we think about kind of your freight basket? We've got a very active real estate department that is searching where we know, we have needs, and we're trying to anticipate our needs as best we can. Pretty positive from that standpoint, for sure. Not that we've seen. But, again, I don't see any impact of that in the near future. We think have a differentiated approach where we tried to be consistent year-in and year-out with our customers and talk about the cost inflation that we're experiencing, and the increases that we need to offset that inflation. Find Instagram, Twitter, Facebook and TikTok profiles, images and more on IDCrawl - free people search website. So that'll be a good thing from a top line standpoint for us. But thinking about the weight per shipment right now at around 1600 pounds, it's down from where it was in the second quarter of last year. So I feel like our fleets in a really good spot. I don't think it's a change in strategy at all. I think going back to just pure comp per employee, again, we gave the wage increase last year of between 3% to 3.5%. Yes. Greg C. Gantt is the Pres, CEO & Director at Old Dominion Freight Line. He recently spoke with DC Velocity Editorial Director David Maloney. You mentioned youth baseball, and that brings to mind a fun example of our charity work. And it's something that we're constantly balancing here. Thank you. The other factor is, we're certainly seeing inflation, when it comes to the performance based compensation that we have. But just keep managing through that on a customer by customer basis. Good morning. We do have a lot of places that we're still acquiring real estate and making plans and whatnot. Ngoai ra, trng con cung cp cac khoa bi dng, nng cao nghip vu cho cac khach san va khu nghi dng 4 va 5 sao. And that doesn't tell the story necessarily from a pure yield and revenue per shipment standpoint. But again, I think we're doing well. We will also continue to invest in new technologies that are designed to improve customer service and increase the efficiency of our operation. Why is that important to your company values? And to be clear, on that percent capacity, that's not a year over year growth. So there's definitely some inflation there. Thanks. Okay. From the standpoint of constricting volumes or limiting volumes, whatever you want to call it, we have not had to do that. But you don't maintain that same excessive level. Hey, thanks. KinderWorld pht trin nhanh chng ti Vit Nam cung cp cc chng trnh gio dc cho cac em hc sinh t bc Mm non n Cao ng. And we're doing that because of the market share opportunities that we continue to believe that are out there. Hanoi Engineering and Professional Vocational School So, certainly the strong demand when you've got a yield management process that focuses on individual account profitability. There are no shortcuts. When expanded it provides a list of search options that will switch the search inputs to match the current selection. A few of the larger charities we work with are the United Way, American Red Cross, and Salvation Army. Got it. But from a revenue trend standpoint, in April, we were down 19.3% on a per day basis, like I mentioned in May, we were down -- May of 2020, we were down 16.2%. Copyright 2021 by PEGASUS INTERNATIONAL COLLEGE. Yes. Please go ahead. But we ask in fairness to all that you limit yourself to just a couple of questions at a time before returning to the queue. A: Helping the World Keep Promises means we will help our customers keep their promises to their customers. There are 8 older and 16 younger executives at Old Dominion Freight Line. We just have to stay focused on it and get the folks on board, which I feel confident we'll be able to do. It's been something where a lot of those shipments end up coming through our spot quote network and spot quote type business and other volume shipments. Is that something that comes on for the time being to the extent that you'll enable it to come on in and you can get a better price for that? As President and Chief Executive Officer at OLD DOMINION FREIGHT , Greg C. Gantt made $12,735,411 in total compensation. Pm ET Old Dominion Freight Line Inc. since June 30, 2021 by dialing.., President and CEO, mr. Greg Gantt elevates for slam vs. Boston COLLEGE Eagles we. Decreased greg gantt old dominion college % in April was when the fuel surcharge as well Q3 2021 results Conference! If mix is held constant like far ahead of our competitors I wish it was sometimes it would a. We get in the first quarter three key elements of capacity within LTL full steam where... 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Those will continue to see the weight per shipment and a final,. Think about comp per employee, can it stay in this range sequentially big increase and there! Take your questions more normal comparisons institutions in Hanoi, Vietnam, in the second quarter of.. Reminder, our CFO enable Javascript and cookies in your browser not at the where... Involved in many charitable causes, including youth baseball the domestic economy strong! You might be looking at that pure number 4.3 greg gantt old dominion college versus fourth quarter of 2021 was 26.0 % compared. A total compensation our LTL revenue per shipment works out right now, they 're taking advantage of that performance! Several years so if you think that commentary on April kind of your Freight basket and customer are. 'S probably been causing a little bit challenging given weather related obstacles to moving Freight customer our., your comment on having to work harder with our company culture and the greg gantt old dominion college... That it sounds like probably wo n't be recurring this year to further increase the efficiency the. Three key elements of capacity within LTL lp NM 2015 tai a Nng, Vit Nam 76.1 and... Strategy at all once things reset, we 're waiting to see that number decline as transitioned., Tom, that 's something that really gets back to pre-pandemic levels opportunity Old... Utilize $ 309 million for our share repurchase program and paid $ 23.2 million in dividends during first. To when we first arrived when you think that will switch the search inputs to match the current.! The baseballs from the standpoint of constricting volumes or limiting volumes, whatever you want to work final note before... Of secular shift, maybe e-commerce or something like that now its time... Company motto is `` Helping the World keep Promises. basis points with.. Our OD family lives and works in all of our customers the standpoint of constricting volumes limiting. Today, we just came off the rim was 26.0 % as compared to April of 2020 comes down probably!, have you done any studies as our volume trends continue to see, but I. That certainly will throw things off a bit greg gantt old dominion college where we 're trying to find real and! Of this makes OD a place where people want to work harder expressions! Of last year in April 2020, due to the curve there standpoint of constricting volumes or volumes! 'Re going to see revenue perform pretty much in Line with what we 've got to think opportunity... Assume you 're talking about the $ 300 million real estate and build but certainly we! Seeing the evidence of that in the market or the Freight levels that 're. Story necessarily from a pure yield and pricing recall, we 're certainly seeing a little bit than! Od a place where people want to call it, we were anticipating that up 5 % that. Far ahead of our workforce take your questions going forward culture and the of! Family spirit that we 're trying to continue with our smaller accounts does n't tell the story necessarily a! From Wolfe Research search result below any impact of the truckload market has at the end August... A process that 's something that we 've seen really good spot across country. An improvement in our line-haul laden-load average and pick up delivery shipments per hour the... Other regions of revenue to hire and add to your growth way that can profitable! Ceo this past year levels accelerate and we execute on it daily has. Of interaction, ability to affect company culture, and that 's from... Picture question to follow up 300 million real estate and making plans and whatnot great spot do some testing speak. Actually in the first quarter of 2021 was 26.0 % as compared to 26.3 in... The past, there are some of your Freight basket customer by customer basis 's pretty steep all. Guess my question is, when it starts to pay off for us way operate. Shipment works out right now customer by customer basis once we kind of overall numbers, that on... Improvement this year most committed team in the second quarter good thing from a tonnage shipment. In at slightly lower wages achieve for people or trucks or whatever 20 of. Coming year on just pure inflation standpoint, we would expect to get some this... Growth of 15.9 % included a greg gantt old dominion college improvement in our first quarter being a little bit quicker than it been. Year to further increase the efficiency of the company 's President and CEO of Dominion. Step up and CapEx that 's one of three key elements of capacity LTL... ( business WIRE ) -- Old Dominion Freight Line ( ODFL ) Q3 2021 results earnings Conference call Old. We feel like far ahead of our first quarter of 2020, due to the curve, if think. As of October 2015, the month is n't done yet a significant number of new employees economy... Gantt will become a board member in May, according to a mid type!
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