Covenant Transportation Group

Nikola launches regular production of Class 8 battery-electric trucks

Nikola Tre electric truckson production line

COOLIDGE, Arizona — It is the plant that skeptics said would never be built by a company that would never survive.

Nikola refuted its skeptics on Wednesday, lining up nearly a dozen regular production battery-electric Class 8 trucks for shipment to customers from the first phase of a $600 million plant in the desert between Phoenix and Tucson.

“We’ve been a pre-revenue startup for years,” CEO Mark Russell said at a production launch event. ”We’re now going to be a revenue-producing company, and...

https://www.freightwaves.com/news/nikola-launches-regular-production-of-class-8-battery-electric-trucks

‘Freight Alley’ wants in on Georgia’s truck-only lane project

A Chattanooga, Tennessee-based business partnership is lobbying the state of Georgia to include “Freight Alley” in its plan to open truck-only lanes along Interstate 75.

Thrive Regional Partnership, which lists truckload carrier Covenant (NASDAQ: CVLG) as one of its investors, submitted comments to the Georgia Department of Transportation (GDOT) earlier this month asking that the agency consider the benefits of extending its commercial vehicle lanes (CVL) project along the I-75 corridor in...

https://s29755.pcdn.co/news/freight-alley-wants-in-on-georgias-truck-only-lane-project

Covenant sees ESG principles moving deeper into truckload segment’s strategy

As Kermit the Frog might have said, it’s not easy being green.

That can sum up the perspective of Matt McLelland, the director of innovation at truckload carrier Covenant Logistics Group. From his perch, McLelland has seen the coming of requirements that carriers will be facing in order to meet environmental standards that unlike the past won’t be coming top-down from a government regulator. Instead, they’ll be coming bottom-up from shippers that are implementing policies on sustainability and...

https://www.freightwaves.com/news/covenant-sees-esg-principles-moving-deeper-into-truckload-segments-strategy

The Daily Dash: Celadon, one year later; COVID lawsuits pile up

The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, FreightWaves writer Clarissa Hawes talks to former Celadon drivers one year after the company’s collapse. Plus, Estes has been hit with a COVID-related lawsuit and Covenant is bumping up driver pay.

One year later, it still hurts

It’s been one year since truckload carrier Celadon suddenly shut down, and former truck drivers remain bitter about the closure.

Clarissa Hawes talks to former Celadon...

https://www.freightwaves.com/news/the-daily-dash-celadon-one-year-later-covid-lawsuits-pile-up

Covenant’s restructuring leads to sharp but better-than-projected decline

Covenant Logistics’ belatedly released second-quarter earnings for 2020 show an adjusted operating ratio close to the 100% mark.

The bottom line at Covenant exceeded expectations, according to a summary provided by SeekingAlpha. Covenant’s non-GAAP earnings per share of 3 cents were better than the consensus Wall Street projection of 1 cent. Revenue of $191.69 million was above forecasts by $12.79 million.

Covenant suffered a drop in revenue similar to that of many other companies, seeing a...

https://s29755.pcdn.co/news/covenants-restructuring-leads-to-sharp-but-better-than-projected-decline

‘Worst’ market in 47 years as restructuring at Covenant continues

Covenant truck on highway

Covenant Transportation Group (NASDAQ: CVTI) sees progress on its strategic plan, which is centered on replacing poorly performing freight, shuttering terminals and trimming its asset-based fleet.  

The Chattanooga, Tennessee-based truckload (TL) carrier reported a first quarter adjusted net loss of $1.7 million, $0.09 per share, a penny ahead of the consensus estimate.

Part of Covenant’s organizational refocus is to better allocate capital to higher margin offerings like contract logistics and...

https://s29755.pcdn.co/news/worst-market-in-47-years-as-restructuring-at-covenant-continues

Covenant pushes forward with strategic plan as freight market stabilizes

Covenant truck on highway

Covenant Transportation Group (NASDAQ: CVTI) sees mixed results in the first quarter of 2020, but said April was breakeven and May has shown stabilization in volumes and price.

The Chattanooga, Tennessee-based truckload (TL) carrier reported an adjusted net loss of $1.7 million, or 9 cents a share — a penny ahead of the consensus estimate.

“Our first quarter was marked by three big themes: internal energy around our strategic plan, our response to COVID-19 and a declining used equipment market,”...

https://www.freightwaves.com/news/covenant-pushes-forward-with-strategic-plan-as-freight-market-stabilizes