The economy is growing more slowly, but Old Dominion Freight Line is expanding, reopening a terminal in Morristown, Tenn., that now has 347 doors.
The Morristown terminal reopening Oct. 17 follows hard on the heels of the expansion of ODFL’s Indianapolis service center to 325 doors, completed Oct. 10.
ODFL is spending as much as $120 million to expand its LTL terminal network this year, opening service centers in Southern California and Florida in July.
In September, the carrier relocated its Grand Rapids, Mich., terminal, doubling the size of the facility to 48 doors, and opened a new terminal in Parkersburg, W. Va.
Earlier this year, the Thomasville, N.C.-based company opened terminals in Duluth and Benson, Minn., and expanded terminals in Corpus Christi, Texas, and Erie, Pa.
Although several large LTL carriers have reconfigured terminal networks since the recession, ODFL is one of the few billion-dollar LTL carriers adding facilities.
That growth reflects the profit ODFL maintained even during the worst of the recession. ODFL was the only publicly owned LTL carrier to turn a profit in 2009.
The multi-regional trucking operator increased net profit 84.4 percent in 2011 to $139.5 million, while revenue rose 27.1 percent to $1.88 billion for the full year.
In 2010, ODFL’s net profit soared 116.9 percent to $75.7 million, compared with $34.9 million in 2009. Revenue grew 19 percent to $1.48 billion in 2010.
Financial gains have come more slowly this year, but are still substantial.
In the first six months of 2012, ODFL increased profit 29.5 percent to $78.9 million, while revenue rose 15 percent to $1.04 billion. Its operating ratio was 86.8.
Trucking companies that managed to remain profitable during the recession have been able to set the pace during the recovery, even during its “soft patches.”
ODFL began its $120 million terminal network upgrade last year and also began expanding its drayage services, opening drayage centers at existing terminals.
"We've got some geographic expansion opportunities ahead and nice growth on our value-added services side," David S. Congdon, president and CEO, said at the time.