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Data-Driven, Value-Based Logistics Solutions. Covenant’s portfolio of logistics and transportation solutions helps customers to engineer value-driven supply chains to get products where they are needed - quickly, cost-effectively, seamlessly.
- Industries
At Covenant, our expertise goes far beyond generic...
- Paper & Packaging
Covenant provides solutions to support the high...
- Food & Beverage
Covenant takes immense pride in our ability to help serve...
- Industrial Manufacturing
Covenant has the expertise in engineering data-driven,...
- Why Covenant
Through a portfolio of logistics and transportation...
- Healthcare
Covenant’s expertise in engineering data-driven, continuous...
- Distribution Center Management
Distribution center management encompasses various...
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Wage verifications are processed through Thomas & Company....
- Earnings Info
Covenant provides earnings information through news...
- Company
Discover what makes Covenant Logistics unique. Our promise...
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Covenant offers logistics and transportation services for expedited, dedicated, warehousing, and managed freight. Learn about their values, environment, safety, security, and technology.
Covenant Logistics offers a range of services to help customers engineer value-driven supply chains, including expedited, dedicated, warehousing, and managed freight. Founded in 1986, Covenant has a history of excellence, safety, and values-based culture.
Covenant offers transport solutions for expedited, regional truckload and capacity needs. Contact Covenant to collaborate on streamlined operations, maximum efficiencies and optimum supply chain value.
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Covenant Logistics Group, Inc. (formerly Covenant Transport, Inc.) is an American company focused on truckload shipping. The company is headquartered in Chattanooga, Tennessee and is publicly traded on Nasdaq (NASDAQ: CVLG). The company provides temperature controlled trucking, regional delivery, and longhaul team driver delivery.
- Expedited Truckload Revenue
- Dedicated Truckload Revenue
- Combined Truckload Operating Expenses
- Managed Freight Segment
- Warehousing Segment
- Capitalization, Liquidity and Capital Expenditures
- Subsequent Event: Acquisition
- Outlook
- Conference Call Information
- GeneratedCaptionsTabForHeroSec
Mr. Bunn added, “Freight revenue in our Expedited segment increased $1.0 million, or 1.3%. Average total tractors decreased by 13 units or 1.5% to 856, compared to 869 in the prior year quarter. The reduction in tractors was an intentional effort by management to adjust the fleet size down in response to the reduced volumes of available freight wit...
“For the quarter, freight revenue in our Dedicated segment decreased $7.0 million, or 9.6%. Average total tractors decreased by 194 units or 13.5% to 1,239, compared to 1,433 in the prior year quarter. The decrease in tractors was attributable to the exit of underperforming business. Average freight revenue per tractor per week increased 4.6%.”
Mr. Bunn continued, “Our truckload operating cost per total mile decreased 4 cents or 1.5%. Of this amount, approximately 12 cents related to the gain on disposition of our Tennessee based terminal, offset by approximately 3 cents attributable to a change in fair value of the future earnout liability and increased non-cash intangible asset amortiza...
“For the quarter, Managed Freight’s freight revenue decreased 29.3%, from the prior year quarter. Operating income and adjusted operating income declined 88.5% compared to the first quarter of 2022, primarily due to reduced freight revenue attributable to reduced volumes of overflow freight from both Expedited and Dedicated truckload operations and...
“For the quarter, Warehousing’s freight revenue increased 40.7% versus the prior year quarter. The increase in revenue was primarily driven by the year-over-year impact of new customer business added during the current year. Operating income and adjusted operating income for the Warehousing segment decreased $1.1 million compared to the first quart...
Tripp Grant, the Company’s Chief Financial Officer, added the following comments: “At March 31, 2023, our total indebtedness, composed of total debt and finance lease obligations, net of cash (“net indebtedness”), increased by $18.6 million to approximately $65.0 million as compared to December 31, 2022. In addition, our net indebtedness to total c...
On April 26, 2023, the Company completed the acquisition of Lew Thompson & Son, of Huntsville, Arkansas. Under the terms of the agreement, Covenant purchased 100% of the outstanding stock of Lew Thompson & Son in exchange for a closing enterprise value of approximately $100 million plus an earnout of up to $30 million depending on the results achie...
Mr. Parker concluded, “We are pleased with our first quarter results and are excited about the opportunity Lew Thompson & Son gives us to improve upon them. Our results were achieved in the midst of a very difficult operating environment that spanned across the entire quarter. “The second quarter has shown little to no signs of improvement in freig...
The Company will host a live conference call tomorrow, April 28, 2023, at 10:00 a.m. Eastern time to discuss the quarter. Individuals may access the call by dialing 877-550-1505 (U.S./Canada) and 0800-524-4760 (International). An audio replay will be available for one week following the call at 800-645-7964, access code 3895#. For additional financ...
Covenant Logistics Group reports first quarter earnings, operating results, and acquisition of Lew Thompson & Son Trucking. The Company faces soft freight market and margin pressure in asset-light segments, but grows revenue and profitability in asset-based segments.
Covenant is a transportation company that delivers critical products such as food and pharmaceuticals. Learn how to join their team and make a difference in a fast-paced, ever-changing environment.
