Reports Q3 revenue $288.72M, consensus $289.65M. Chairman and CEO, David Parker, commented: “We are pleased to report third quarter earnings of $0.99 per diluted share and non-GAAP adjusted earnings of $1.13 per diluted share. Our results were achieved in the midst of a very challenging freight market that has continued into the fourth quarter of 2023. Despite these market headwinds, we are pleased with the resiliency of our model. Our asset-based segments contributed approximately 67% of total revenue, 69% of operating income, 63% of total freight revenue, and 72% of adjusted operating income in the quarter. Our Expedited segment experienced comparable freight revenue with approximately 2% fewer tractors, but experienced diminished margins compared to the third quarter last year. Our Dedicated segment experienced reduced freight revenue with approximately 12% fewer tractors and improved margins year over year.”
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on CVLG:
- Covenant Logistics Group Announces Third Quarter Financial and Operating Results
- Covenant Logistics Honored with the 2023 ATA Diversity Equity and Inclusion Change Leader Award
- CVLG Earnings this Week: How Will it Perform?
- Covenant Logistics Earns Prestigious Recognition as a 2023 Top Food Chain Provider by Food Shippers of America
- CORRECTION – Covenant Logistics Group, Inc. Announces Timing Of Third Quarter Earnings Release And Conference Call