Covenant Logistics Group reported $251 million in freight revenue during the fourth quarter, with truckload operations increasing 3% to $190 million.
Chattanooga, Tennessee-based Covenant (NASDAQ: CVLG) reported adjusted earnings per share of 49 cents in the quarter, inline with analysts’ estimates of 49 cents.
The company posted total revenue of $277 million in the quarter, a 1% year-over-year increase compared to the fourth quarter of 2023, and missed Wall Street estimates of $283 million.
“We are pleased to report fourth quarter earnings of 24 cents per diluted share and non-GAAP adjusted earnings of 49 cents per diluted share, on 27.9 million weighted average diluted shares outstanding after giving effect to our recent 2-for-1 stock split,” Covenant Logistics Chairman and CEO David R. Parker said in a news release. “These results mark the end of another successful year despite a challenging general freight environment, and I could not be happier with how our team has planned and adjusted throughout the year.”
Freight revenue per tractor per week increased 2% year-over-year to $5,444. The expedited truckload segment revenue decreased 6% to $98.6 million, while dedicated segment revenue rose 17% to $91.7 million.
Covenant’s managed freight segment saw revenue of $62.2 million in the fourth quarter, a decrease of 5% from the same time last year. The warehousing segment had revenue of $24.3 million during the quarter, a 1% year-over-year decrease.
Covenant will hold a conference call to discuss results with analysts at 10 a.m. Friday.
| Covenant Logistics Group | Q4/24 | Q4/23 | Y/Y % Change |
| Total revenue | $277.3 | $273.9 | 1.2% |
| Truckload combined: | |||
| Revenue | $190.4 | $184 | 3.4% |
| Freight revenue (ex fuel) | $164.4 | $150.3 | 9% |
| Revenue per total mile | $2.48 | $2.31 | 7.3% |
| Revenue/tractor/week | $5,444 | $5,344 | 1.8% |
| Adjusted OR% | 93.6% | 91.4% | 2.4% |
| Managed freight: | |||
| Revenue | $62.2 | $65 | (4.3%) |
| Adjusted operating income | $5,152 | $2,748 | 87% |
| Adjusted OR% | 91.7% | 95.8% | (4.2%) |
| Expedited freight: | |||
| Revenue (ex fuel) | $83.8 | $84.4 | (0.7%) |
| Adjusted operating income | $6,676 | $7,024 | (4.9%) |
| Adjusted OR% | 92% | 91.4% | 0.6% |
| Adjusted earnings per share | $0.49 | $0.55 | (10.9%) |