Old Dominion added that it plans to use the $47.9 million it earned to retire debt and purchase additional service centers, tractors and trailers.
The stock sale proceeds come on the heels of financial success for Richmond, VA-based Old Dominion. For the first six months of 2002, its net income rose 61% to $6.6 million on revenues of $266.8 million, compared to net income of $4.09 million on revenues of $248.8 million for the first six months of 2001.
However, the carrier estimates that its earnings for the year will decline to between $1.98 and $2.08, compared to previous projections of $2.05 to $2.15, largely due to slowing freight demand in the last half of the year.