Old Dominion Freight Line Announces New $700 Million Stock Repurchase Program

The new repurchase program does not obligate the Company to repurchase any number of shares

Old Dominion Freight Line, Inc. (Nasdaq: ODFL) 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.

The 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.

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