Covenant Transportation Group

Class 8 battery-electric trucks will generate the first meaningful revenue that Nikola can take to the bank.

GDOT’s $1.8 billion truck-only lane project is expected to reduce delays by 12% for commercial vehicles.

Innovation chief McLelland says the questions for the industry go from the very big to the very small, and not all can be anticipated yet.

In today’s edition of The Daily Dash, it’s been one year since the collapse of Celadon, and FreightWaves talks to some former drivers. Plus, Estes has been hit with a COVID-related lawsuit and Covenant is bumping up driver pay.

Total charges were more than $30 million as part of strategic shift

Covenant Transportation Group provides an update on the ‘strategic plan,’ announced breakeven results in April during first quarter conference call.

Covenant Transportation Group sees a breakeven April and noted that May trends have “stabilized” as it moves forward with restructuring efforts.

Covenant continues to reshape the company in efforts to better focus on contract logistics and improve its financial structure.

CarrierDirect’s Ryan Schreiber has spoken with leaders in the logistics and transportation industries and gives recommendations about how to lead your company and help your employees and customers during these challenging times.

Covenant Transportation continues to reallocate equipment to units with a lower risk profile like dedicated.

Covenant Transportation sees significant year-over-year decline in earnings as excess capacity and higher costs persist.

Ryan Rogers, chief transformation officer at Covenant Transportation Group, said the online retail giant has challenged the movers of goods as to what is possible.

Covenant blames weak freight environment for drop in revenue and net income in third quarter 2019.

Third quarter 2019 is likely to see another step down in earnings expectations for the year. Equity analysts have been busy lowering estimates on many publicly traded transportation companies.

Motor carriers and commercial drivers agree on just four of the Top 10 challenges facing the trucking industry, according to the American Transportation Research Institute’s annual study.

Covenant released earnings results in-line with its previously lowered expectations as it seeks “predictability” in its operations for the remainder of 2019.

The combination of volume weakness, excess capacity, declining rates and formidable year-over-year earnings comparisons have resulted in the public carriers finally waving the white flag and acknowledging that 2019 will be a struggle.

Eroding fundamentals in the truckload carrier market have led analysts to lower their earnings estimates for the carriers they cover.

Truckload carrier stocks have held up through the last six trading sessions, walking through a couple of potential body blows.

The three stocks get an upgrade not just on Cowen’s optimistic view of the market, but by how much their prices have been hit.

CEO David Parker expects very strong demand in Q4 and Covenant to shift further to dedicated capacity in 2019 in an effort to “get deeper into the supply chain.”

Covenant Transportation Group (NASDAQ: CVTI) reported a total revenue jump of 19.5 percent to $196.3 million in the second quarter of 2018 during its earnings call Thursday. The company also posted a 17.2 percent increase in freight revenue to $170.6 million year-over-year.

Everyone sees the market as strong and staying that way, but are there other headwinds in the trucking sector?

Covenant Transportation Group saw revenue and earnings increase and predicted that the second quarter presents an even bigger opportunity for the carrier.