THOMASVILLE, N.C.–(BUSINESS WIRE)–Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today reported certain
less-than-truckload (“LTL”) operating metrics for February 2019. Revenue
per day increased 7.5% as compared to February 2018 due primarily to an
increase in LTL revenue per hundredweight. For the quarter-to-date
period, LTL revenue per hundredweight increased 9.6% as compared to the
same period last year. LTL tons per day decreased 1.5% due to a 3.6%
decrease in LTL weight per shipment that was partially offset by a 2.1%
increase in LTL shipments.

Greg C. Gantt, President and Chief Executive Officer of Old Dominion,
commented, “While the beginning of 2019 has included a few seasonal
challenges, we have focused on executing our business model and produced
solid revenue growth as a result. The consistent increase in our LTL
revenue per hundredweight reflects the favorable pricing environment as
well as the decrease in our LTL weight per shipment. Although our yield
has increased consistently, our volumes for both January and February
were slightly lower than expected. Customer demand continues to be
favorable, however, and the domestic economy continues to show strength.
We believe these factors should support further opportunities for us to
win market share and produce profitable growth in 2019.”

Forward-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: (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 executing our growth
strategy, including our ability to successfully consummate and integrate
any acquisitions; (5) changes in our goals and strategies, which are
subject to change at any time at our discretion; (6) various economic
factors such as recessions, downturns in the economy, global uncertainty
and instability, changes in international trade policies, changes in
U.S. social, political, and regulatory conditions or a disruption of
financial markets, which may decrease demand for our services or
increase our costs; (7) the impact of changes in tax laws, rates,
guidance and interpretations, including those related to certain
provisions of the Tax Cuts and Jobs Act; (8) increases in driver and
maintenance technician compensation or difficulties attracting and
retaining qualified drivers and maintenance technicians to meet freight
demand; (9) our exposure to claims related to cargo loss and damage,
property damage, personal injury, workers’ compensation, group health
and group dental, including increased premiums, adverse loss
development, increased self-insured retention levels and claims in
excess of insured coverage levels; (10) cost increases associated with
employee benefits, including costs associated with employee healthcare
plans; (11) the availability and cost of capital for our significant
ongoing cash requirements; (12) the availability and cost of new
equipment and replacement parts, including regulatory changes and supply
constraints that could impact the cost of these assets; (13) decreases
in demand for, and the value of, used equipment; (14) the availability
and cost of diesel fuel; (15) the costs and potential liabilities
related to compliance with, or violations of, existing or future
governmental laws and regulations, including environmental laws, engine
emissions standards, hours-of-service for our drivers, driver fitness
requirements and new safety standards for drivers and equipment; (16)
the costs and potential liabilities related to various legal proceedings
and claims that have arisen in the ordinary course of our business, some
of which include class-action allegations; (17) the costs and potential
liabilities related to governmental proceedings, inquiries, notices or
investigations; (18) the costs and potential liabilities related to our
international business relationships; (19) the costs and potential
adverse impact of compliance with, or violations of, current and future
rules issued by the Department of Transportation, the Federal Motor
Carrier Safety Administration (the “FMCSA”) and other regulatory
agencies; (20) the costs and potential adverse impact of compliance
associated with FMCSA’s electronic logging device (“ELD”) regulations
and guidance, including the transition of our fleet and safety
management systems from our legacy electronic automatic on-board
recording devices to a new ELD hardware and software platform; (21)
seasonal trends in the less-than-truckload industry, including harsh
weather conditions and disasters; (22) our ability to retain our key
employees and continue to effectively execute our succession plan; (23)
the concentration of our stock ownership with the Congdon family; (24)
the costs and potential adverse impact associated with future changes in
accounting standards or practices; (25) potential costs and liabilities
associated with cyber incidents and other risks with respect to our
systems and networks or those of our third-party service providers,
including system failure, security breach, disruption by malware or
ransomware or other damage; (26) failure to comply with data privacy,
security or other laws and regulations; (27) failure to keep pace with
developments in technology, any disruption to our technology
infrastructure, or failures of essential services upon which our
technology platforms rely, which could cause us to incur costs or result
in a loss of business; (28) the costs and potential adverse impact
associated with transitional challenges in upgrading or enhancing our
technology systems; (29) damage to our reputation through unfavorable
perceptions or publicity, including those related to environmental,
social and governance issues, cybersecurity and data privacy concerns;
(30) the costs and potential adverse impact of compliance with
anti-terrorism measures on our business; (31) dilution to existing
shareholders caused by any issuance of additional equity; (32) the
impact of a quarterly cash dividend or the failure to declare future
cash dividends; (33) recent and future volatility in the market value of
our common stock; (34) the impact of certain provisions in our articles
of incorporation, bylaws, and Virginia law that could discourage, delay
or prevent a change in control of us or a change in our management; and
(35) other risks and uncertainties described in our most recent Annual
Report on Form 10-K and other filings with the SEC. Our forward-looking
statements are based upon our beliefs and assumptions using information
available at the time the statements are made. We caution the reader not
to place undue reliance on our forward-looking statements as (i) these
statements are neither a prediction nor a guarantee of future events or
circumstances and (ii) the assumptions, beliefs, expectations and
projections about future events may differ materially from actual
results. We undertake no obligation to publicly update any
forward-looking statement to reflect developments occurring after the
statement is made, except as otherwise required by law.

Old Dominion Freight Line, Inc. is a leading, less-than-truckload
(“LTL”), union-free motor carrier providing regional, inter-regional and
national LTL services through a single integrated organization. Our
service offerings, which include expedited transportation, are provided
through an expansive network of service centers located throughout the
continental United States. Through strategic alliances, the Company also
provides LTL services throughout North America. In addition to its core
LTL services, the Company offers a range of value-added services
including container drayage, truckload brokerage and supply chain
consulting.

Contacts

Adam N. Satterfield
Senior Vice President, Finance and
Chief
Financial Officer
(336) 822-5721