Welcome to our dedicated page for Covenant Logistics Group news (Ticker: CVLG), a resource for investors and traders seeking the latest updates and insights on Covenant Logistics Group stock.
Covenant Logistics Group, Inc. (symbol: CVLG) is a leading provider of truckload transportation and freight brokerage services in the continental United States. The company operates through its wholly-owned subsidiaries and is segmented into four key areas: Expedited, Dedicated Services, Managed Freight, and Warehousing.
The Expedited segment caters to customers requiring high service freight and delivery standards, ensuring timely and reliable delivery. The Dedicated segment focuses on providing committed truckload capacity over extended periods, typically ranging from three to five years, thereby offering stability and predictability for its clients. The Managed Freight segment includes brokerage services and Transportation Management System (TMS), offering comprehensive freight management solutions. The Warehousing segment delivers day-to-day warehouse management services for clients who prefer to outsource their warehousing needs.
Covenant Logistics Group is known for its commitment to excellence, a tradition established by its founders over 30 years ago. The company's core values—communication, attitude, respect, and excellence—are the bedrock of its culture and service. These values have enabled Covenant to build award-winning relationships with customers, employees, and vendors.
Recent accomplishments include impressive financial performances across quarterly reports, emphasizing robust truckload operating data and combined truckload revenue. Covenant continues to innovate and adapt to market demands, offering premium services that align with the evolving needs of its clients.
The company’s Class A Common Stock is traded on the Nasdaq Global Select Market under the symbol CVLG. For more detailed financial data, recent news, and updates, stakeholders can contact key executives such as M. Paul Bunn, President and Chief Operating Officer, and Tripp Grant, Chief Financial Officer. Additional information can be requested from Brooke McKenzie, Executive Administrative Assistant.
Covenant Logistics Group (NYSE: CVLG) has announced a two-for-one stock split of its Class A and Class B common stock, aimed at improving stock accessibility for investors and employees. The split will be executed through a stock dividend, with stockholders of record as of December 20, 2024, receiving one additional share for each share held. The distribution is scheduled for December 31, 2024, with split-adjusted trading beginning on January 2, 2025.
The stock split will maintain all existing stockholder voting and other rights. Covenant provides transportation and logistics services across the United States, including asset-based expedited and dedicated truckload capacity, asset-light warehousing, transportation management, and freight brokerage services.
Covenant Logistics Group (NYSE: CVLG) has declared a quarterly cash dividend of $0.11 per share for both Class A and Class B common stock. The dividend will be paid on December 27, 2024, to stockholders of record as of December 6, 2024. This dividend is part of an ongoing cash dividend program approved by the company's board of directors, with future declarations subject to quarterly board determination.
Covenant Logistics Group (NYSE: CVLG) has been recognized as a 2024 'Top Company for Women to Work in Transportation' by Redefining the Road magazine. The recognition highlights Covenant's commitment to fostering an inclusive workplace with competitive compensation, flexible work requirements, and professional growth opportunities. The company recently hosted its 3rd annual Women of Covenant Conference themed 'Better Together,' culminating in the 2024 Women of the Year Awards honoring Nancy Hok (In-House), Stephanie Dressler (Warehouse), and Kimberly Agee (Driver) for their leadership and contributions.
Covenant Logistics Group (CVLG) reported Q3 2024 earnings of $0.94 per diluted share and non-GAAP adjusted earnings of $1.09 per diluted share. Key highlights include year-over-year freight revenue growth of 2.1%, operating income growth of 7.2%, and non-GAAP adjusted operating income growth of 8.3%. The company achieved a $36.6 million sequential reduction in net indebtedness while improving fleet age. Total revenue was $287.9 million, with operating income of $16.2 million. The company's 49% equity investment in Transport Enterprise Leasing contributed $4.0 million in pre-tax net income, down from $5.3 million in Q3 2023.
Covenant Logistics Group (NYSE: CVLG) has announced the timing for its third quarter earnings release and conference call. The company will release its Q3 earnings after 4:00 p.m. Eastern time on Wednesday, October 23, 2024. A live conference call to discuss the results will be held on Thursday, October 24, 2024, at 10:00 a.m. Eastern time.
Investors can dial in at 877-550-1505 (U.S./Canada) or 0800-524-4760 (International). An audio replay will be available for one week at 800-645-7964, access code 3895#. Extended audio replay and additional financial information will be accessible on the company's investor website.
Covenant Logistics Group offers a range of transportation and logistics services across the United States, including asset-based expedited and dedicated truckload capacity, as well as asset-light warehousing, transportation management, and freight brokerage.
Covenant Logistics has been awarded the SmartWay® Excellence Award from the U.S. EPA, recognizing them as a top environmental performer in the freight industry. This award places Covenant within the top 1% of freight carriers based on emissions.
A key factor in Covenant's decarbonization strategy is their partnership with DClimate, an eAPU (electric auxiliary power unit) provider. The eAPU technology allows drivers to maintain climate control and use electronics without idling the engine, potentially reducing idling by 2,220 hours annually and saving 1.76 million gallons of fuel per 1,000 trucks.
Covenant was one of 29 truck carriers to receive this distinction out of SmartWay's 4,000+ Partners. The award highlights Covenant's commitment to reducing their environmental impact while improving operational efficiency and driver experience.
Abby Hamm of Covenant Logistics has been named a recipient of the 2024 Women in Supply Chain Award by Food Logistics and Supply & Demand Chain Executive. This prestigious award recognizes female supply chain leaders for their accomplishments, mentorship, and leadership in paving the way for future women in the industry. Hamm expressed her honor in receiving the award and her commitment to mentoring the next generation of female leaders.
Additionally, Hamm was recently appointed to the Women In Trucking (WIT) Board of Directors, serving a term through December 31, 2025. George Yates, Senior Vice President of Brokerage at Covenant Logistics, praised Hamm's dedication and leadership. The award recipients will be honored at the Women in Supply Chain Forum in Atlanta on November 12-13, 2024.
Covenant Logistics Group (NYSE: CVLG) has announced a quarterly cash dividend of $0.11 per share for both Class A and Class B common stock. The dividend will be paid on September 27, 2024, to stockholders of record as of September 6, 2024. This dividend is part of an ongoing cash dividend program approved by the company's board of directors. Covenant Logistics Group offers a range of transportation and logistics services across the United States, including asset-based expedited and dedicated truckload capacity, as well as asset-light warehousing, transportation management, and freight brokerage services.
Covenant Logistics Group has been honored as a winner at the 41st Annual Quest for Quality Awards, a prestigious recognition in the transportation and logistics industry. The awards, organized by Logistics Management, are based on a six-month research project conducted by Peerless Research Group and involve voting by qualified shippers who use the services regularly.
The Quest for Quality Awards are considered the gold standard for customer satisfaction and performance excellence for carriers, ports, and logistics providers worldwide. This year's survey involved 3,175 ballots from logistics and supply chain decision-makers, resulting in 145 transportation and logistics services providers earning the coveted recognition.
Paul Bunn, President of Covenant Logistics Group, expressed deep gratitude for the award, emphasizing the company's commitment to excellence and customer satisfaction. The recognition underscores Covenant's dedication to delivering exceptional service and innovative solutions in the logistics industry.
Covenant Logistics Group (NASDAQ/GS: CVLG) has announced its decision to transfer its Class A common stock listing from NASDAQ to the New York Stock Exchange (NYSE). The transition is set to take place on August 6, 2024, with trading on the NYSE beginning at market open under the existing ticker symbol 'CVLG'. The company's stock will continue trading on NASDAQ until the close of market on August 5, 2024.
CEO David R. Parker expressed optimism about the move, citing the NYSE's world-class trading platform as an opportunity to increase visibility and engagement. The NYSE's Vice Chair, John Tuttle, welcomed Covenant Logistics to their community of 'icons and disruptors'. Covenant Logistics Group offers a range of transportation and logistics services across the United States, including asset-based expedited and dedicated truckload capacity, as well as asset-light warehousing, transportation management, and freight brokerage services.
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