Covenant Logistics Group Inc. reported $302.85 million in complete income through the second quarter, a 5% year-over-year enhance from the identical interval in 2024.
Freight income rose 7.8% year-over-year within the second-quarter to $276.5 million, whereas truckload operations decreased 1% to $199.6 million.
Chattanooga, Tennessee-based Covenant (NASDAQ: CVLG) reported adjusted earnings per share of 45 cents within the quarter, in comparison with 52 cents in the identical year-ago quarter.
“The spotlight of our second quarter’s outcomes was year-over-year freight income progress of seven.8% to $276.5 million, an all-time excessive for any quarter within the historical past of our enterprise,” Covenant Chairman and CEO David R. Parker mentioned in a news release. “This milestone was achieved regardless of an working setting that remained aggressive all through the quarter throughout many Expedited, Managed Freight, and non-specialized gear Devoted accounts.”
Freight income per tractor per week decreased 3.2% year-over-year to $5,543. Income within the expedited truckload phase fell 10% to $97.3 million, whereas devoted phase income rose 9% to $102.3 million.
Covenant’s managed freight phase noticed income of $77.5 million within the second quarter, a rise of 28% from the identical time final 12 months. The warehousing phase had income of $25.5 million through the quarter, a 1% year-over-year acquire.
Throughout the quarter, Covenant repurchased 1.6 million shares of excellent frequent inventory at a median value of $22.69 per share, amounting to $35.2 million of the corporate’s $50 million inventory repurchase program.
“Our 49% fairness methodology funding with Transport Enterprise Leasing contributed pre-tax internet earnings of $4.3 million, or $0.12 per share, roughly in keeping with the prior 12 months quarter’s outcomes of $4.1 million,” Parker mentioned.
Covenant will maintain a convention name to debate outcomes with analysts at 10 a.m. Thursday.
Covenant Logistics GroupQ2/25Q2/24Y/Y% ChangeComplete incomeTruckload mixed:IncomeFreight income (ex gas)Income per complete mileIncome per tractor per weekManaged freight:IncomeAdjusted working earningsExpedited freight:Income (ex gas)Adjusted working earningsAdjusted earnings per share
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