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Old Dominion Freight Line Announces New $700 Million Stock Repurchase Program
THOMASVILLE, N.C.--(BUSINESS WIRE)-- Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today announced that its Board of Directors has approved a new two-year
About this update from Old Dominion Freight Line, Inc.
[{"type":"text","content":" THOMASVILLE, N.C.--(BUSINESS WIRE)--\nOld Dominion Freight Line, Inc. (Nasdaq: ODFL) today announced that its Board of Directors has approved a new two-year stock repurchase program authorizing the repurchase of up to $700 million of its outstanding common stock. This new repurchase program will commence upon the completion, expiration or termination of the current two-year repurchase program, which was announced on May 16, 2019. The Company repurchased $403.0 million of its common stock over the twelve-month period ended April 30, 2020, and has consistently repurchased its common stock through Board-authorized programs since 2014. The remaining authorization under the current repurchase program was $39.2 million as of April 30, 2020.\n\n\nThe Company may repurchase shares from time to time in the open-market or through privately negotiated transactions. The extent to which the Company repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations, as determined by the Company’s management team. The new repurchase program does not obligate the Company to repurchase any number of shares and may be suspended or discontinued at any time.\n\n\nForward-looking statements in this news release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution the reader that such forward-looking statements involve risks and uncertainties that could cause actual events and results to be materially different from those expressed or implied herein, including, but not limited to, the following, many of which are currently amplified by and may continue to be amplified by or may, in the future, be amplified by, the current COVID-19 pandemic: (1) the competitive environment with respect to industry capacity and pricing, including the use of fuel surcharges, which could negatively impact our total overall pricing strategy and our ability to cover our operating expenses; (2) our ability to collect fuel surcharges and the effectiveness of those fuel surcharges in mitigating the impact of fluctuating prices for diesel fuel and other petroleum-based products; (3) the negative impact of any unionization, or the passage of legislation or regulations that could facilitate unionization, of our employees; (4) the challenges associated with...