Covenant Logistics Group, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 25, 2023 at 04:05 pm EDT
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Covenant Logistics Group, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 288.72 million compared to USD 311.84 million a year ago. Net income was USD 13.51 million compared to USD 50.49 million a year ago. Basic earnings per share from continuing operations was USD 1.03 compared to USD 3.47 a year ago. Diluted earnings per share from continuing operations was USD 0.98 compared to USD 3.36 a year ago. Basic earnings per share was USD 1.04 compared to USD 3.5 a year ago. Diluted earnings per share was USD 0.99 compared to USD 3.39 a year ago.
For the nine months, revenue was USD 829.59 million compared to USD 920.8 million a year ago. Net income was USD 42.43 million compared to USD 97.18 million a year ago. Basic earnings per share from continuing operations was USD 3.21 compared to USD 6.24 a year ago. Diluted earnings per share from continuing operations was USD 3.06 compared to USD 6.09 a year ago. Basic earnings per share was USD 3.24 compared to USD 6.27 a year ago. Diluted earnings per share was USD 3.09 compared to USD 6.12 a year ago.
Covenant Logistics Group, Inc., through its subsidiaries, offers a portfolio of transportation and logistics services to customers throughout the United States. The Companyâs primary services include asset-based expedited and dedicated truckload capacity, as well as asset-light warehousing, transportation management and freight brokerage capability. Its asset-based transportation services include two segments: Expedited and Dedicated. The Expedited segment primarily provides truckload services to customers. The Dedicated segment provides customers with committed truckload capacity over contracted periods. The Managed Freight segment includes its brokerage services and transportation management services (TMS). The Warehousing segment provides day-to-day warehouse management services for customers who have chosen to outsource this function. It also provides shuttle and switching services related to shuttling containers and trailers in or around freight yards and to/from warehouses.
COVENANT LOGISTICS GROUP, INC. 
