THOMASVILLE, N.C. – (May 23, 2016) – Old Dominion Freight Line, Inc. (NASDAQ: ODFL) today announced that its Board of Directors has approved a new two-year stock repurchase program authorizing Old Dominion to repurchase up to $250 million of its outstanding common stock.
Old Dominion’s total outstanding stock repurchase authority is now approximately $262 million. This total includes approximately $12 million remaining under the previously authorized repurchase program announced on November 10, 2014, which the Company intends to complete before it commences the new repurchase program.
David S. Congdon, Vice Chairman and Chief Executive Officer of Old Dominion, commented, “We are pleased with the Board’s authorization of this new stock repurchase program, which reflects our confidence in Old Dominion’s financial stability and focus on improving long-term shareholder value. While we
remain committed to investing in the strategic growth of our business, this new program reflects our strong financial position and substantial cash flow, which provides the flexibility for us to continue to return capital to our shareholders.”
Read more at odfl.com