The bleak freight market continues to take its toll on carriers earnings, with fleets noting soft rates, low volumes, overcapacity and extreme weather.
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In what has been a difficult quarter for trucking companies, both truckload and to a lesser degree LTL, Covenant Logistics reported first-quarter operating earnings that held up relatively well. Covenant's adjusted earnings per share on a non-GAAP basis came in at 84 cents per share, down from 93 cents per share a year ago.
Covenant Logistics Group Inc. said Tuesday its adjusted net income for all of 2023 was down 43% from the previous year, but the Chattanooga-based trucking carrier still outperformed the market expectations for the company in the fourth quarter and had the second best year ever for its annual earnings.
Chattanooga, Tennessee-based Covenant Logistics Group’s fourth-quarter revenue declined 7.4% year over year to $273.9 million. The post Covenant Logistics optimistic despite 7.4% drop in Q4 revenue appeared first on FreightWaves.