Old Dominion Freight Line Inc. (ODFL): Highlights from In-Person NDR with ODFL Management; Confident In Positioning On Recovery

On Wednesday 9/16, we hosted an in-person NDR for investors in San Francisco with senior management of ODFL, including the company's CEO, CFO, and director of finance and investor relations. Net/net, the ODFL message remains consistent in that management believes the company is in the right position to win share and deliver strong margin leverage as the industrial cycle recovers - utilizing best in class service as differentiator. We remain Buy-rated. Key takeaways: (1) The ability to deploy its excess terminal capacity (likely north of 30%) and deliver to its service commitments when the volume inflection fully sets in gives ODFL confidence it will win share and see strong pricing within an LTL sector that is capacity constrained relative to the pre-Yellow bankruptcy situation;