Old Dominion Freight Line Inc. (ODFL, Financial) filed Annual Report for the period ended 2010-12-31.
Old Dominion Freight Line Inc. has a market cap of $1.73 billion; its shares were traded at around $30.88 with a P/E ratio of 22.76 and P/S ratio of 1.17. Old Dominion Freight Line Inc. had an annual average earning growth of 15.1% over the past 10 years.Hedge Fund Gurus that owns ODFL: Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns ODFL: RS Investment Management, Jeremy Grantham of GMO LLC.
We carry a significant amount of insurance with third-party insurance carriers, but we are exposed to the risk of loss on claims up to the limit for which we are self-insured. We are currently self-insured for bodily injury and property damage (BIPD) claims up to $2.75 million per occurrence. Cargo loss and damage claims are self-insured up to $100,000 per occurrence. We are exposed to workers compensation claims up to $1.0 million per occurrence, through either self-insurance or insurance deductibles. We are self-insured for group health claims up to $375,000 per occurrence plus an aggregate $200,000 over this retention level. Our long-term disability claims are self-insured to a maximum of $3,000 per month for each of our non-salaried employees. Effective April 2, 2010, salaried employees were offered an elective long-term disability plan and, as a result, the Company has no liability for new claims occurring subsequent to this date for its salaried employees.
To help fulfill driver needs, we offer qualified employees the opportunity to become drivers through the Old Dominion Driver Training Program. Since its inception in 1988, 2,738 individuals have graduated from this program. Of the program graduates, we have experienced an annual turnover rate of approximately 7.4%, which is below our company-wide average turnover rate of approximately 12.3% for drivers. We believe our driver training and qualification programs have been important factors in improving our safety record and retaining our qualified drivers. Drivers with safe driving records are rewarded with bonuses of up to $3,000 payable each year. Driver safety bonuses paid during 2010 and 2009 were $2.1 million and $2.0 million, respectively.
Read the The complete Report
Old Dominion Freight Line Inc. has a market cap of $1.73 billion; its shares were traded at around $30.88 with a P/E ratio of 22.76 and P/S ratio of 1.17. Old Dominion Freight Line Inc. had an annual average earning growth of 15.1% over the past 10 years.Hedge Fund Gurus that owns ODFL: Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns ODFL: RS Investment Management, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
According to the American Trucking Associations, total domestic freight revenue in 2009 was $664.7 billion, of which the trucking industry accounted for 81.9%. The LTL sector had revenue in 2009 of $38.6 billion, which represented 5.8% of total domestic freight revenue. In contrast to truckload carriers, LTL motor carriers require expansive networks of local pickup and delivery (P&D) service centers, as well as larger breakbulk, or hub, facilities. Significant capital is required of LTL motor carriers to create and maintain a network of service centers and a fleet of tractors and trailers. The high fixed costs and capital spending requirements for LTL motor carriers makes it difficult for new start-up or small operators to effectively compete with established companies. In addition, successful LTL motor carriers generally employ, and continuously update, a high level of technology to provide information to customers and to reduce operating costs.We carry a significant amount of insurance with third-party insurance carriers, but we are exposed to the risk of loss on claims up to the limit for which we are self-insured. We are currently self-insured for bodily injury and property damage (BIPD) claims up to $2.75 million per occurrence. Cargo loss and damage claims are self-insured up to $100,000 per occurrence. We are exposed to workers compensation claims up to $1.0 million per occurrence, through either self-insurance or insurance deductibles. We are self-insured for group health claims up to $375,000 per occurrence plus an aggregate $200,000 over this retention level. Our long-term disability claims are self-insured to a maximum of $3,000 per month for each of our non-salaried employees. Effective April 2, 2010, salaried employees were offered an elective long-term disability plan and, as a result, the Company has no liability for new claims occurring subsequent to this date for its salaried employees.
To help fulfill driver needs, we offer qualified employees the opportunity to become drivers through the Old Dominion Driver Training Program. Since its inception in 1988, 2,738 individuals have graduated from this program. Of the program graduates, we have experienced an annual turnover rate of approximately 7.4%, which is below our company-wide average turnover rate of approximately 12.3% for drivers. We believe our driver training and qualification programs have been important factors in improving our safety record and retaining our qualified drivers. Drivers with safe driving records are rewarded with bonuses of up to $3,000 payable each year. Driver safety bonuses paid during 2010 and 2009 were $2.1 million and $2.0 million, respectively.
Read the The complete Report
