Covenant Logistics Group

Covenant acquires hazmat hauler, announces $30M stock buyback plan

Covenant Logistics Group announced Thursday it has completed the acquisition of AAT Carriers, which will become part of Covenant’s expedited segment.

Covenant also announced a plan to buy back up to $30 million of its Class A common stock.

“Today’s announcements, along with the recent announcement of our first quarterly dividend, are consistent with our capital allocation strategy and commitment to delivering stockholder value,” David Parker, Covenant’s chairman and CEO, said in a statement....

https://www.freightwaves.com/news/covenant-acquires-hazmat-hauler-announces-stock-buyback

Covenant expects strong freight market for 1st half of 2022

Covenant Logistics Group management expects earnings in the first half of 2022 to be the same or higher as the first half of 2021 but anticipates slower earnings growth the rest of the year.

The Chattanooga, Tennessee-based carrier reported adjusted earnings per share of $1.07 for the fourth quarter after the market closed Wednesday. The result was ahead of analysts’ expectations for earnings per share of $1.04.

“We feel that the first-half earnings will approximate the first half of 2021 or...

https://www.freightwaves.com/news/covenant-expects-strong-freight-market-for-1st-half-of-2022

Covenant beats expectations, delivers upbeat forecast

Covenant Logistics Group reported Wednesday after the market close fourth-quarter earnings of $1.07 per share on total revenue of $294.2 million, a 31% increase compared to the same period in 2020.

Covenant beat analysts’ expectations for earnings per share of $1.04 and revenue of $282 million in Q4 2021. It was the second consecutive quarter the company topped estimates for earnings and revenue.

Covenant’s (NASDAQ: CVLG) total freight revenue excluding fuel surcharges increased 27%...

https://www.freightwaves.com/news/covenant-beats-expectations-delivers-upbeat-forecast

Covenant gets Q3 boost from managed, expedited divisions

Labor, rising fuel and insurance costs, and the “frothy freight market” were key talking points on Covenant Logistics Group’s third-quarter earnings call Thursday with analysts. 

Covenant beat analysts’ earnings-per-share and total revenue estimates for Q3, owing in large part to strength in its managed and expedited divisions. But Chairman and CEO David Parker said inflation is affecting the entire trucking industry and could wreak havoc on smaller carriers over the next year or so.

“There is a...

https://www.freightwaves.com/news/covenant-gets-q3-boost-from-managed-expedited-divisions

Covenant beats analysts’ expectations with $274M in revenue

Covenant Logistics Group reported Wednesday after the market close third-quarter earnings of $1.02 per share on total revenue of $274.5 million, a 30% increase compared to the same year-ago period.

Covenant beat analysts’ expectations for earnings per share of $1 and revenue of $234 million.

David R. Parker, Covenant’s chairman and CEO, said the $1.02 per share earnings was the highest earnings for any quarter in the company’s history. 

“In the third quarter we experienced the continuation of an...

https://www.freightwaves.com/news/covenant-beats-analysts-expectations-with-274m-in-revenue

Covenant focuses on improving results in downside of cycle

Fleet reduction drives improved results at Covenant

Management from Covenant Logistics Group (NASDAQ: CVLG) said on a call with analysts Thursday the company expects earnings in the back half of 2021 to be higher than the first half of the year.

The Chattanooga, Tennessee-based carrier reported adjusted earnings per share of 96 cents for the second quarter after the market close Wednesday. The result was well ahead of the consensus estimate of 67 cents per share.

The improvement was brought about by a hot freight market highlighted by tight truck...

https://www.freightwaves.com/news/covenant-focuses-on-improving-results-in-downside-of-cycle

Covenant sees ‘demand firing on all cylinders’

Favorable conditions carry into Q3

Covenant Logistics Group (NASDAQ: CVLG) reported adjusted second-quarter earnings of 96 cents per share after the close Wednesday, ahead of the consensus estimate of 67 cents per share. Adjusted net income was $16.3 million compared to just north of $400,000 in the year-ago quarter.

The quarterly result was the best in the company’s history.

“In the second quarter, we saw freight market demand firing on all cylinders as a result of growing economic activity, low inventories, and supply chain...

https://www.freightwaves.com/news/covenant-sees-demand-firing-on-all-cylinders

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