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Covenant Logistics Group said the freight cycle is bottoming out, and it expects the market to slowly improve over the next several quarters.
Chattanooga, Tennessee-based Covenant Logistics Group’s fourth-quarter revenue declined 7.4% year over year to $273.9 million.
Truckload carrier Covenant Logistics Group said the freight market is bottoming out, and the company is eyeing only a “modest decline” in earnings next quarter.
Chattanooga, Tennessee-based Covenant Logistics Group’s third-quarter revenue declined 7% year over year to $288.7 million.
Covenant Logistics Group’s Matt McLelland said at FreightWaves’ Net-Zero Carbon Summit on Thursday that his company’s sustainability plan includes fleet initiatives to reduce idle percentage and increase miles per gallon.
La degradación de las ganancias por acción (EPS) se contendrá probablemente entre el 25% y el 30% en esta recesión
Covenant Logistics Group is hopeful this cycle won’t bring a material earnings decline, which was the norm in prior downturns.
Covenant Logistics Group missed fourth-quarter expectations even when excluding expenses incurred onboarding equipment.
Despite a murky economic outlook, Covenant remains optimistic about the company’s business prospects through 2023.
Covenant Logistics Group’s truckload revenue increased 29% year over year to $218 million, despite unprecedented cost inflation and higher insurance costs.
Covenant Logistics Group adopts a $30 million stock buyback plan and acquires AAT Carriers.
Covenant Logistics Group said revenue for the second half of 2022 could be impacted by wage pressures and higher equipment and over-the-road repair costs.
The Chattanooga, Tennessee-based truckload carrier said the outlook is for continued operational progress during 2022.
Covenant Logistics Group’s managed freight segment revenue grew 89% year-over-year during the third quarter, to $90 million.
Chattanooga-based Covenant benefited from an exceptionally strong freight market resulting from growing economic activity, low inventories and supply chain disruptions.
Covenant Logistics Group beat second-quarter earnings expectations and said the second half of the year is likely to produce stronger results.
Covenant Logistics Group reported a better-than-expected second quarter as freight demand remains elevated and capacity is in short supply. The company said the favorable conditions have carried into the third quarter.
