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 (NASDAQ: CVLG) announced the sale of a California terminal for approximately $44 million, expecting a pretax gain of $37.5 million. The transaction is projected to close by the end of Q3 2022. Additionally, the company declared a $0.08 quarterly cash dividend, payable to stockholders of record on September 2, 2022, and expected to be paid on September 30, 2022. The company aims to reduce operating expenses by $500,000 annually with this sale, enhancing overall financial performance.
Covenant Logistics Group (CVLG) has filed a universal shelf registration statement on Form S-3 with the SEC, replacing an expired statement from 2021. This move aims to provide the company with flexibility in accessing capital markets for future financing opportunities, although there are no immediate plans to sell securities. Once effective, the registration will allow the issuance of various securities up to $200 million, including common and preferred stock, debt securities, rights, and warrants. The filing underscores standard corporate governance, ensuring readiness for potential business prospects.
Covenant Logistics Group (NASDAQ: CVLG) reported strong second-quarter results for 2022, achieving record earnings of $1.56 per diluted share and $1.63 adjusted per diluted share. Revenue increased to $317.4 million, up 24% year-over-year, driven by strong performance in its Expedited and Dedicated segments. The company completed a $30 million stock repurchase and initiated an additional $75 million plan. Despite challenges like cost inflation and a soft freight market, management is optimistic about future performance, expecting continued revenue growth and further stock repurchases in the upcoming quarters.
Covenant Logistics Group (CVLG) will release its Q2 earnings after 4:00 p.m. ET on July 25, 2022. A live conference call to discuss these results is scheduled for July 26, 2022, at 10:00 a.m. ET. Participants can join by dialing 800-231-0316 (U.S./Canada) or 0800-524-4760 (International). An audio replay will be available for one week post-call, and extended access will be on the investor website under 'Audio Archives.' The company provides a range of transportation and logistics services across the U.S. and operates through various subsidiaries.
Covenant Logistics Group, Inc. (NASDAQ: CVLG) has announced a $75 million Rule 10b5-1 stock repurchase plan set to run from May 2022 to June 2023. Repurchases will be carried out under specified trading parameters, giving the company flexibility to suspend or terminate the plan at any time. This strategic move aims to enhance shareholder value and reflects the company's confidence in its future performance.
Covenant Logistics Group (CVLG) announced a new stock repurchase authorization of up to $75 million and the sale of a California terminal, expected to generate a pretax gain of approximately $45 million. This transaction will also reduce operating expenses by $500,000 annually. Additionally, the company declared a quarterly cash dividend of $0.0625 per share, payable on June 24, 2022. Management promotions were also part of the announcement, further indicating the company's strategy to strengthen its leadership amid growth opportunities.
Aurora Innovation Inc. (NASDAQ: AUR) and Covenant Logistics Group, Inc. (NASDAQ: CVLG) announced a partnership to integrate Aurora's autonomous trucking product, Aurora Horizon, into Covenant's long-haul operations. This collaboration aims to enhance operational efficiency and driver quality of life while optimizing fuel efficiency. Key initiatives include identifying impactful routes and conducting educational efforts on autonomous technology's benefits. Executives from both companies expressed optimism about improving supply chain efficiency.
Covenant Logistics Group (NASDAQ: CVLG) reported record earnings of $1.32 per diluted share for Q1 2022, reflecting strong revenue growth of $291.6 million, up from $220.9 million a year prior. The acquisition of AAT Carriers contributed positively, alongside a robust freight market despite rising costs. The company repurchased 1.1 million shares and initiated dividend payments. Notably, the asset-based segments generated 64% of total revenue, with the Managed Freight segment seeing a 67.6% revenue increase. However, operating expenses surged due to driver pay and supply chain challenges, impacting margins.
Covenant Logistics Group (CVLG) announced it will release its Q1 earnings on April 27, 2022, at 4:00 PM ET. A live conference call to discuss the results will take place on April 28, 2022, at 10:00 AM ET. Investors can dial in at 800-231-0316 (U.S./Canada) or 0800-524-4760 (International). An audio replay will be available for a week after the call. Covenant offers a range of transportation and logistics services across the U.S., primarily in expedited and dedicated truckload capacity, alongside warehousing and freight brokerage services.
Covenant Logistics Group (CVLG) announced a $30 million stock repurchase program and the acquisition of AAT Carriers, Inc. on February 10, 2022. The stock repurchase aims to enhance shareholder value, allowing repurchases at the company's discretion. The AAT Carriers acquisition, completed on February 9, 2022, is valued between $35 million and $55 million, contingent on performance, expecting to be immediately accretive to earnings. The CEO emphasized the strategic alignment with their capital allocation and growth strategy, targeting improved returns and a liquidity profile with a net leverage ratio aimed below 1.0 by year-end.
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