Covenant Logistics

Covenant Logistics announces leadership change

Within its third-quarter earnings report, Covenant Logistics (NASDAQ: CVLG) Thursday announced the next steps in an ongoing management transition.

Paul Bunn, who had been senior executive vice president and COO at the truckload carrier, will be promoted to president on Jan. 1, 2023, while continuing to hold his COO title. 

The management moves also involve President Joey Hogan transitioning to a part-time executive vice president role “focused on strategic planning, mentoring the leadership team,...

https://www.freightwaves.com/news/covenant-logistics-announces-leadership-change

Aurora signs up truckload carrier Covenant to work on autonomous technology 

Aurora Innovation Inc. has signed up its third truckload carrier this year to partner on possible deployment of its autonomous vehicle technology.

In the latest transaction, Aurora (NASDAQ: AUR) said it had agreed with Covenant Logistics (NASDAQ: CVLG) on what it described as a “collaboration to explore ways to optimize Covenant’s long-haul operations with Aurora’s autonomous trucking product.”

The deal with Covenant comes on the heels of similar announcements of collaborations with Werner...

https://www.freightwaves.com/news/aurora-signs-up-truckload-carrier-covenant-to-work-on-autonomous-technology

Hogan: Strong quarter for Covenant, but costs of trucking keep rising

Covenant Logistics had one of the later earnings releases among truckload carriers. But some of the comments from President Joey Hogan on its earnings call Thursday summarized the market conditions facing carriers following a bountiful first three months of the year.

It was Hogan’s overview of the cost side of the ledger that could be applied to other truckload carriers as well.

Hogan noted that Covenant (NASDAQ: CVLG) raised wages several times last year “in a market where we had to move.”...

https://www.freightwaves.com/news/hogan-strong-quarter-for-covenant-but-costs-of-trucking-keep-rising

Truckload carrier Covenant’s Q1 net income sets record for any quarter

Covenant turned in a record net quarterly income and saw its trucking Operating Ratio improve

Covenant Logistics is the latest truckload carrier reporting a key performance record in its first-quarter earnings report, and the company did it while driving fewer trucks.

Earnings of $1.35 per share on a non-GAAP basis were a record for any quarter, Chairman and CEO David Parker stated in Covenant’s earnings release.

Combined truckload revenue — both expedited and dedicated — rose 22.4%, climbing to $187.74 million.

But the company’s performance was not driven just by more revenue on the...

https://www.freightwaves.com/news/truckload-carrier-covenants-q1-net-income-sets-record-for-any-quarter

Trucking: Cowen cuts estimates over ‘growing concerns for carriers’

Cowen lowers estimates ahead of Q1 earnings season

Incremental capacity, cooling demand and plummeting spot rates were the catalysts for another analyst to reel in expectations for trucking companies. On Thursday, Cowen’s Jason Seidl lowered earnings estimates for the truckload and less-than-truckload carriers he follows heading into the first-quarter earnings season, which starts Monday.

He advised clients to favor large-cap TL carriers versus the smaller carriers, downgrading Covenant Logistics Group (NASDAQ: CVLG) to “market perform” from...

https://www.freightwaves.com/news/trucking-cowen-cuts-estimates-over-growing-concerns-for-carriers

Covenant prevé un fuerte mercado de transporte de mercancías para el primer semestre de 2022

La dirección de Covenant Logistics Group espera que los beneficios del primer semestre de 2022 sean iguales o superiores a los del primer semestre de 2021, pero prevé un crecimiento más lento de los beneficios el resto del año.

El transportista con sede en Chattanooga, Tennessee, informó de un beneficio ajustado por acción de 1,07 dólares para el cuarto trimestre después del cierre del mercado el miércoles. El resultado superó las expectativas de los analistas de un beneficio por acción de 1,04...

https://www.freightwaves.com/news/covenant-preve-un-fuerte-mercado-de-transporte-de-mercancias-para-el-primer-semestre-de-2022

Demo decisions: Nikola builds tentative order book for electric trucks

Nikola Corp. is continuing to pull in letters of intent for its battery-electric and fuel cell Class 8 daycabs from some big names in trucking. Converting those intentions to purchase orders rides on how well the new technology performs in demonstrations.

Covenant Logistics Group became the latest of three large for-hire trucking companies to go on record as potential customers of Phoenix-based Nikola, which is building battery-electric Class 8 trucks at a new plant in Coolidge, Arizona, between...

https://www.freightwaves.com/news/demo-decisions-nikola-builds-tentative-order-book-for-electric-trucks

Finding sustainable suppliers — Net-Zero Carbon

This episode of Net-Zero Carbon explores how some shippers are seeking sustainable suppliers.

On the latest episode of Net-Zero Carbon, Matt McLelland, vice president of sustainability and innovation at Covenant Logistics, joined Tyler Cole, director of carbon intelligence at FreightWaves, to discuss the opportunities and challenges facing logistics providers as shippers increasingly look for strategies to reduce emissions. 

Their conversation touched on carbon accounting, supplier audits, predictions for the future and technological shifts that will have outsized impacts on...

https://www.freightwaves.com/news/finding-sustainable-suppliers-net-zero-carbon

Two divisions of Covenant settle in big case by drivers alleging ‘no-hire’ conspiracy

Four companies now have settled a class-action lawsuit brought by a group of drivers who alleged uncompetitive behavior by eight companies in their recruiting activities.

The lawsuit in the U.S. District Court for the Central District of California has been referred to as an “anti-poaching” suit. But it actually targets what the four original plaintiffs say are industry practices that ultimately limit the movement of drivers among employers. What the drivers deem a conspiracy was specifically...

https://www.freightwaves.com/news/two-divisions-of-covenant-settle-in-big-case-by-drivers-alleging-no-hire-conspiracy

A transformed Triumph Bancorp talks its hot market and future in call with analysts

The second quarter earnings call of Triumph Bancorp (NASDAQ: TBK) was notable not so much for the financial numbers that were discussed. Rather, it served as a sort of kickoff to a company that has been radically transformed in the past year, with two key acquisitions that make the topics of discussion on such a call much different than what would have been discussed just 12 months ago.

One acquisition grew the size of the bank’s factoring book: the July 2020 purchase of the factoring business...

https://www.freightwaves.com/news/a-transformed-triumph-bancorp-talks-its-hot-market-and-future-in-call-with-analysts

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