CVLG News & Events

Covenant Logistics files $200M mixed securities shelf

Reports Q4 revenue $295.37M, consensus $292.98M. Chairman and CEO, David Parker, commented: "Our fourth quarter resulted in a loss of $0.73 per diluted share, driven by impairment charges to goodwill and equipment and elevated insurance expense, each discussed below. Excluding these charges our non-GAAP adjusted results reflect income of $0.31 per diluted share."

Reports Q3 revenue $296.89M, consensus $290.2M. Chairman and CEO, David Parker, commented: "Our third quarter results of $0.35 per diluted share, or $0.44 per diluted share on a non-GAAP adjusted basis, reflect essentially flat year-over-year performance in our asset-light business units and lower performance in our Truckload business units, mainly attributable to higher costs and under-utilized equipment. It was a busy quarter internally as we continued to invest in the future while managing costs during a prolonged period of overcapacity and muted demand."

Reports Q2 revenue $302.85M, consensus $283.46M. Chairman and CEO, David Parker, commented: "We are pleased to report second quarter earnings of $0.36 per diluted share or $0.45 per diluted share on a non-GAAP adjusted basis. The highlight of our second quarter's results was year-over-year freight revenue growth of 7.8% to $276.5 million, an all-time high for any quarter in the history of our enterprise. This milestone was achieved despite an operating environment that remained competitive throughout the quarter across many Expedited, Managed Freight, and non-specialized equipment Dedicated accounts. As the general freight market improves, we believe we are well positioned to capitalize on opportunities that improve margin and return on capital. We are also pleased to announce that during the quarter we were successful in repurchasing approximately 1.6 million shares of outstanding common stock at an average price of approximately $22.69 per share, amounting to $35.2 million of our $50.0 million stock repurchase program. Our 49% equity method investment with Transport Enterprise Leasing contributed pre-tax net income of $4.3 million, or $0.12 per share, roughly in line with the prior year quarter's results of $4.1 million."