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 (CVLG) announced its fourth-quarter results for 2021, reporting earnings of $1.05 per diluted share and record annual revenue exceeding $1 billion. The company will initiate a quarterly cash dividend of $0.0625 per share starting March 25, 2022. Key highlights include a 13% return on average invested capital, strong demand in the freight market, and growth in the Managed Freight segment. However, operating margins were impacted by performance-based compensation costs and rising operational expenses related to driver pay and equipment shortages.
Covenant Logistics Group (NASDAQ: CVLG) will release its Q4 earnings on January 26, 2022, after 4:00 p.m. ET. A live conference call is scheduled for January 27, 2022, at 10:00 a.m. ET, allowing investors to discuss the results. The company offers various transportation and logistics services across the U.S., including expedited truckload capacity and freight brokerage. For additional financial information, please visit their investor website.
Covenant Logistics Group (NASDAQ: CVLG) reported record earnings of $0.97 per share for Q3 2021, with non-GAAP adjusted earnings at $1.02. Revenue reached $274.6 million, up 30.3% year-over-year. The company anticipates over $1 billion in revenue for 2021.
While segments like Expedited and Managed Freight performed well, the Dedicated segment fell short due to inflation and supply chain issues. Profitability in Warehousing also declined due to increased costs. The company is addressing these challenges, focusing on improving margins and diversifying its customer base.
Covenant Logistics Group (NASDAQ: CVLG) will release its third quarter earnings on October 20, 2021, at 4:00 PM ET. A live conference call is scheduled for October 21, 2021, at 10:00 AM ET to discuss the earnings. Interested participants can join the call by dialing 800-338-4880 (U.S./Canada) or 800-756-3333 (International). An audio replay will be accessible for one week post-call. Covenant offers various transportation and logistics services across the U.S., including expedited truckload capacity and freight brokerage.
Covenant Logistics Group, Inc. (NASDAQ: CVLG) has completed its modified Dutch Auction tender offer, closing on September 3, 2021. The company accepted 86,132 shares at a purchase price of $23.00 each, totaling approximately $2 million. The offer was executed as per conditions set out, with payments expected to be made promptly. Future stock repurchases may occur after September 21, 2021, influenced by various market and business conditions. Scudder Law Firm and Stephens Inc. were involved as counsel and financial advisor, respectively.
Covenant Logistics Group (CVLG) announced preliminary results of its modified Dutch Auction tender offer that expired on September 3, 2021. A total of 86,132 shares were tendered below the expected final purchase price of $23.00 per share, with an aggregate cost of around $2 million. This represents approximately 0.6% of the shares outstanding as of August 5, 2021. The company plans to confirm the final number of shares and price by September 9, 2021, and may repurchase more shares in the future, pending market conditions.
Covenant Logistics Group, Inc. (CVLG) announced a modified Dutch Auction tender offer to repurchase up to $40 million of its Class A common stock, priced between $21.00 and $23.00 per share. This offer follows the last closing share price of $20.27 as of August 6, 2021, and is set to expire on September 3, 2021. The company emphasizes this initiative reflects confidence in its long-term prospects while offering liquidity to shareholders. Detailed terms will be provided in official documents mailed to stockholders. The offer is not dependent on external financing.
Covenant Logistics Group (NASDAQ: CVLG) reported record second-quarter earnings of $0.91 per share, with adjusted earnings of $0.96. Revenue increased to $256.3 million, up 33.8% year-over-year, driven by robust freight demand despite a national driver shortage. Operating income improved significantly to $18.3 million from a loss of $28.9 million in 2020. The Managed Freight segment saw a 108.5% revenue increase, while the Dedicated segment showed slight improvement. Covenant aims to enhance profitability in its Dedicated segment, amidst ongoing cost pressures and driver availability issues.
Covenant Logistics Group, Inc. (CVLG) will release its second quarter earnings on July 21, 2021, at 4:00 p.m. Eastern time. A live conference call is scheduled for July 22, 2021, at 10:00 a.m. Eastern, allowing investors to discuss the earnings results. Participants can access the call via dial-in numbers provided. The company offers a range of transportation and logistics services across the U.S. and trades on the NASDAQ under the symbol CVLG. An audio replay of the call will be available for one week after.
Covenant Logistics Group (NASDAQ: CVLG) announced its Q1 2021 financial results, reporting earnings per share of $0.65 and adjusted earnings of $0.56, marking record first-quarter earnings. Total revenue rose to $220.9 million, compared to $210.8 million in Q1 2020. The Managed Freight segment saw significant growth, with revenue increasing by 67.2% year-over-year. However, challenges remain, particularly in the Dedicated segment, where underperforming contracts affect profitability. The company aims to enhance profit margins in the Dedicated segment by Q3 2021.
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