Covenant Logistics Group Inc - CVLG STOCK NEWS

Covenant Logistics Group, Inc. (CVLG) reported first quarter financial results for 2023, showcasing earnings per diluted share of $1.20 and adjusted earnings of $0.93. The company also completed the acquisition of Lew Thompson & Son Trucking, enhancing its operations in poultry transportation. Total revenue declined to $266.9 million, down from $291.6 million a year prior. Operating income fell to $17.6 million from $23.8 million, reflecting market challenges, including a soft freight environment. Asset-based segments contributed 68% to total revenue, while asset-light segments faced margin pressure. Notably, the acquisition, valued at around $100 million, is expected to support revenue growth and improve operational resilience. Despite positive intentions, ongoing market headwinds suggest an uncertain outlook for the remainder of the year.

Covenant Logistics Group, a prominent U.S. transportation and logistics provider, has inaugurated the Hogan Hall and renovated Orientation Training Center at its Chattanooga headquarters. This project, which took 16 months and encompasses 49,000 square feet, aims to enhance driver accommodations and training experiences. Hogan Hall features 100 dormitory-style rooms, lounging areas, and picnic facilities, while the training center offers advanced learning environments for orientations and events. The initiative underscores Covenant's commitment to its drivers, as emphasized by executives, including President and COO Paul Bunn. This facility also honors the long service of Executive Vice President Joey Hogan, recognizing his contributions to the company.

Covenant Logistics Group (CVLG) plans to release its fourth quarter earnings on April 27, 2023, after 4:00 p.m. Eastern time. A live conference call to discuss these results is scheduled for April 28, 2023, at 10:00 a.m. Eastern time. Participants can dial in to the call or access an audio replay afterwards. Covenant Logistics provides a range of transportation and logistics services including expedited truckload capacity and warehousing. The company is traded on the NASDAQ Global Select market under the symbol CVLG.

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.