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Old Dominion CEO David Congdon and Chairman Earl Congdon on the key factors behind the company’s success and long history.
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Today is take your kids to work day and how appropriate -- -- -- -- have the two heads of Old Dominion.
A father and son team with us today -- just name the company one of the hundred most trustworthy companies.
And it seems to be working toward the bottom line what analysts describe the firm as the fastest growing less than truckload carrier in the entire industry the stock up 29%.
Year -- here.
Here with us now in a Fox Business exclusive Earl -- the chairman at all the million.
And David -- as CEO and president of Old Dominion opt out SP so proud of him.
Assuring them -- not -- I want our viewers to know you both started working that the company.
Respectively when you were fourteen years old.
But of course it was a much different atmosphere back then -- today though you've come out with numbers you've missed on -- -- top bottom line but I I also think this is important to stress.
You had.
Incredible numbers the best revenue numbers in the history the company said Dave and I'll Begin with -- did the analyst just get a little too greedy and excited about Old Dominion freight.
Go figure you -- we delivered over a quarter with.
Nearly 18% top line growth.
42%.
Year over year earnings growth.
And this is part of -- long term growth story that goes back.
You know -- when we went public we we were -- 155 million dollar company.
-- twenty years ago and here we are two billion.
Our stock price has gone from two dollars and 57 cents to 45 to 48 dollars a share now.
So I'd say we've we've done pretty well and and this was just one more record in the long string of records that we've put out for the last decade.
Some pretty Smart money people think your stock is worth holding BlackRock is your largest sort of institutional shareholder but.
You reach back to the to the earlier days -- and you know -- it during a time right now where people -- wondering should I start a company is it too difficult.
It probably face some pretty tough times back then -- knew what was the secret sauce that helped the success coming.
-- you know.
It's the relationship that we have -- -- employees.
What we call -- the -- family spirit.
This started way back when mom and dad started the company.
You know dad was the truck driver and mom did that work on the dining room table the paperwork.
So they hire their first truck driver naturally -- doing very well he was their ability.
So while.
Actually for the first twenty years of that company's history.
The first two generations being mom and -- and then my brother and me we knew every single employee.
Personally.
And even some of the families we knew we became so close that we it was almost like of a global player.
Without sex.
-- -- -- -- -- It we just -- -- -- feel for our employees that then then I don't believe the average company has got.
And we have been able to maintain this relationship.
Right up to the present time.
And and David degeneration is the one that that call this family relationship the deal would be family family spirit.
But we take good care of -- employees.
And and they reciprocate.
What -- -- take yes -- loyalty and productivity.
How people also productive.
And they are helping us without customers are that everyone is so enthusiastic.
About the customers that.
Anyway which -- we.
-- have god that's why we are had adopted they -- the tag line that that.
We -- helping the world to keep promises well.
-- as a delivery and afraid organization.
You know you guys or are you got the southern accent -- -- down home and family thing but.
You got killer margins here your margins are three times out of the industry how do you do that David.
Well it I'd say it's two or three ingredients number one.
Relates to the strategic.
Vision that we created for the company years ago and and every year we to a strategic plan.
On the secondly.
It comes to the service product that we put together.
And staying focused on core business principles and the service is is is absolutely.
A crucial.
The very of the lowest claim ratio in in the industry.
On the highest on time service record volume and all of this is because what Earl said frank it's all because of the people that make it happen.
You know in the -- and and we've just got a few more seconds left -- you're also good at looking forward he went for 241 case vs pensions here Europe modern company.
Yet you're not on natural gas powered trucks yet.
You know we just -- -- what yesterday of Ryder systems they're trying slowly but surely to get ahead of that curve.
Will you they have too expensive right now and I heard just the other day that -- Diesel of the new diesel trucks -- so clean.
But the natural gas trucks are not as clean as the new diesel diesels expensive if we look at a chart you can see it's punching back up David to the 2007 -- now.
But the -- is the natural gas industry is not ready for the class say.
Tractor trailer market there's not a distribution network across the country yet that would that would make it economically feasible date.
It girl it's great to have you here on bring your kids to -- could -- Old Dominion freight line to terrific little -- you're -- well thank you -- -- -- don't fire your daddy McCain has -- the good -- that a chance of that --
