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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 (NASDAQ: CVLG) reported Q2 2024 earnings of $0.88 per diluted share and adjusted earnings of $1.04 per diluted share. Total revenue reached $287.5M, a 4.9% increase YoY, while freight revenue grew 5.3% to $256.5M. Operating income was $15.6M, up from $11.8M YoY. Adjusted operating income rose by 15.0% to $18.7M. Covenant's investment with Transport Enterprise Leasing contributed $4.1M pre-tax net income, down from $5.4M YoY.
Despite market headwinds, Covenant saw a 8.7% increase in truckload operations revenue. However, the truckload segment faced rising operating costs per mile. Managed Freight's revenue declined 4.6%, but operating income improved 71.2%. Warehousing revenue grew 0.7%, with operating income increasing significantly. The company's net indebtedness rose by $25.0M to $273.3M. The outlook remains cautious but optimistic, focusing on structural improvements and strategic execution.
Covenant Logistics Group (NASDAQ: CVLG) has announced it will release its second quarter earnings on Wednesday, July 24, 2024, after 4:00 p.m. Eastern Time. The company will hold a live conference call to discuss the earnings on Thursday, July 25, 2024, at 10:00 a.m. Eastern Time. To participate in the call, dial 877-550-1505 for U.S./Canada, or 0800-524-4760 for international calls. An audio replay will be available for one week at 800-645-7964, access code 3895#, and an extended replay will be accessible on the company’s investor website.
Covenant Logistics Group offers a range of transportation and logistics services including truckload capacity, warehousing, transportation management, and freight brokerage. The company's stock trades on the NASDAQ Global Select Market under the symbol CVLG.
Food Logistics has named Covenant Logistics Group (CVLG) as a recipient of the 2024 Top 3PL & Cold Storage Providers Award. This accolade celebrates top third-party logistics (3PL) and cold storage providers within the cold food and beverage sector. The award highlights the importance of 3PLs and cold storage providers in mitigating supply chain disruptions. According to Marina Mayer, Editor-in-Chief of Food Logistics, 76% of the winners will invest in software solutions this year, showcasing their forward-thinking approach. Lynn Doster, EVP at Covenant Logistics, emphasized the company's commitment to excellence, leveraging advanced technologies, and fostering strong partnerships. Many winners offer services like LTL/TL (80%), refrigerated trucking (79%), and warehousing (72%).
Covenant Logistics Group has released its 2023 Corporate Social Responsibility (CSR) Report, detailing its commitment to sustainability and community engagement. The report highlights Covenant's efforts in emission reduction, fuel efficiency, and renewable energy investments. Key initiatives include the use of alternative fuels and emission-reduction technologies. The report also showcases Covenant's collaboration with industry leaders like REPOWR, Bridgestone, and Daimler Truck North America, and the company’s recognition as a Green Supply Chain Partner by Inbound Logistics for 2024. Matt McLelland, VP of Sustainability and Innovation, emphasizes Covenant's ongoing efforts to meet carbon reduction goals and embrace innovative solutions in decarbonization.
On May 17, 2024, Covenant Logistics Group announced a quarterly cash dividend of $0.11 per share for both Class A and Class B common stock. This dividend is payable to shareholders on record as of June 7, 2024, and will be paid on June 28, 2024. The announcement follows a previously approved cash dividend program, but future dividends and their dates will be determined by the board each quarter. Covenant Logistics Group provides a range of transportation and logistics services across the U.S. and trades under the NASDAQ symbol CVLG.
Covenant Logistics Group, Inc. announced the appointment of Dustin Koehl as Chief Operating Officer, bringing 17 years of transportation experience to the leadership team. The move is aimed at strengthening the company's operations and sales functions, allowing for a focus on strategic initiatives and diversification.
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