There were some key points in the second-quarter earnings release of truckload carrier Covenant Logistics (NASDAQ: CVLG).
- The dedicated division operating ratio was improved, the expedited OR was significantly weaker and the end result was a combined truckload OR that dropped 270 basis points compared to the second quarter of 2022.
- In a weak freight market, the combined truckload average freight revenue per total mile declined just 5.3%.
- The adjusted OR for the company was 93.3%, weakening...
https://www.freightwaves.com/news/covenant-q2-better-or-in-dedicated-worse-in-expedited