Old Dominion Freight Line, Inc. (Nasdaq: ODFL) has announced that its board of directors has declared a quarterly cash dividend of USD 0.13 per share of common stock, payable on June 20, 2018, to shareholders of record at the close of business on June 6, 2018, the company said.
The company also announced that its board of directors has approved a new stock repurchase program authorizing the repurchase of up to USD 250 million of its outstanding common stock through June 2020. This new repurchase program will commence upon the expiration of the previously authorized two-year repurchase program announced on May 23, 2016.
Under the new repurchase program, 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.
Old Dominion Freight Line, Inc. is a, less-than-truckload (“LTL”), union-free motor carrier providing regional, inter-regional and national LTL services, which include ground and air expedited transportation and consumer household pickup and delivery through a single integrated organization. In addition to its core LTL services, the company offers a range of value-added services including container drayage, truckload brokerage, supply chain consulting and warehousing.