Old Dominion Sets $200 Million Stock Buyback
Old Dominion Freight Line said Nov. 10 its board approved a stock repurchase program authorizing the company to repurchase up to $200 million of its outstanding common stock in the next 24 months.
“Our management team and [board] believe that Old Dominion is well-positioned to achieve further profitable growth while also generating significant cash flow from operations,” said CEO David Congdon.
“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,” he said in a statement.
Less-than-truckload carrier Old Dominion Freight line is ranked No. 12 on the Transport Topics Top 100 list of U.S. and Canadian for-hire carriers.
