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's Misti Olszewski has been recognized as a Top Woman to Watch by the Women In Trucking Association’s Redefining the Road magazine. This award highlights her contributions in promoting gender diversity and inclusion within the transportation industry. Olszewski has been with Covenant for 21 years and emphasizes the importance of empowering female drivers. Executive vice president Joey Ballard praised her leadership and safety culture. Additionally, Covenant was named one of the Top Companies to Work for in Transportation for the second consecutive year in November 2022. Covenant's stock trades under the symbol CVLG.
Covenant Logistics Group, Inc. (NASDAQ: CVLG) has announced a quarterly cash dividend of $0.11 per share for Class A and Class B common stock, up from $0.08 in the previous quarter. This dividend reflects the board's ongoing evaluation of asset productivity and cash allocation. Shareholders of record by March 3, 2023 will receive the payment on March 31, 2023. The decision to declare future dividends will depend on the board's assessments and prevailing market conditions.
Covenant Logistics Group (NASDAQ: CVLG) announced an amendment to its stock repurchase program on January 30, 2023, allowing for an additional $37.5 million in repurchases, raising the total authorized amount to $55 million. The repurchase program permits flexibility in share purchases, which can be adjusted or suspended at the company's discretion. Alongside this, a Rule 10b5-1 plan will be implemented to manage these transactions, effective from February 2023 until January 2024. The company provides transportation and logistics services across the U.S. and is listed on NASDAQ under the symbol CVLG.
Covenant Logistics Group (NASDAQ: CVLG) reported its fourth-quarter results for 2022, revealing earnings of $0.81 per diluted share and adjusted earnings of $1.37 per diluted share. The company achieved over $1 billion in freight revenue for the year and announced a 15.3% return on average invested capital. Key highlights include a successful acquisition of AAT, a significant stock repurchase program, and quarterly dividends for the first time. However, the report indicated challenges with a softening freight market and rising costs due to excess equipment and inflation, forecasting continued unfavorability in freight rates and volumes into 2023.
Covenant Logistics Group (NASDAQ: CVLG) plans to release its fourth quarter earnings on January 25, 2023, at 4:00 p.m. ET. A live conference call to discuss these results will take place the following day, January 26, at 10:00 a.m. ET. Interested listeners can join via phone or access an audio replay afterward. Covenant provides transportation and logistics services across the U.S., including expedited and dedicated truckload, warehousing, and freight brokerage. For additional financial details, the company encourages visits to its investor website.
Covenant Logistics Group has announced a quarterly cash dividend of $0.08 per share for both Class A and Class B common stock. This dividend is payable to stockholders of record on December 2, 2022, with payment expected on December 30, 2022. The dividend declaration is part of a program approved by the board of directors, although future dividends are subject to their discretion. Covenant operates various transportation and logistics services across the United States, trading on NASDAQ under the symbol CVLG.
Covenant Logistics Group (CVLG) reported robust financial results for Q3 2022, with earnings of $3.39 per diluted share and adjusted earnings of $1.52 per share, despite facing inflation and a declining freight market. Total revenue rose 13.6% to $311.8 million, while operating income surged to $59.1 million. The company repurchased 1 million shares in Q3, totaling 3.3 million for 2022. Key segments, Expedited and Dedicated, made significant contributions, although cost increases impacted margins. Management anticipates continued inflation and lower demand, affecting future margins.
Covenant Logistics Group, Inc. (CVLG) plans to release its third-quarter earnings on October 20, 2022, at 4:00 p.m. ET. A live conference call will follow on October 21, 2022, at 9:00 a.m. ET, where management will discuss the earnings results. Interested parties can join by calling 877-550-1505 (U.S./Canada) or 0800-524-4760 (International). An audio replay will be accessible for a week after the call. For further financial information, visit Covenant's investor website.
Covenant Logistics Group has released its 2021 Corporate Social Responsibility (CSR) Report, highlighting its commitment to employees, communities, and the environment. Key findings include that nearly 20% of its workforce comprises military veterans and a 28% year-over-year increase in minority hires. Community initiatives include the Company Benevolence Fund and Volunteer Time Off programs. Environmental efforts feature a 600,000 lbs tire recycling initiative and 150kw solar panel installation. The company received multiple accolades, including recognition as a SmartWay High Performer in sustainability.
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