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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, Inc. (NASDAQ: CVLG) has announced significant changes to its executive leadership team, aiming to enhance its operational efficiency and strategic focus. Chairman and CEO David R. Parker emphasized the evolution of management to adapt to the company's growth trajectory. Paul Bunn has been promoted to Senior Executive VP and COO, taking on daily operational responsibilities, while Joey Hogan continues as President and Principal Financial Officer. John Tweed transitions to a consulting role. These changes aim to foster a seamless transition and bolster Covenant's strategic initiatives.
Covenant Logistics Group (CVLG) plans to release its first quarter earnings on April 26, 2021, after 4:00 p.m. ET. A conference call will be held the following day, April 27, 2021, at 11:00 a.m. ET for discussion and Q&A, with access numbers provided for U.S./Canada and international callers. The company offers various transportation and logistics services across the U.S. and is traded on NASDAQ. Audio replays will be available following the call on their investor website.
Covenant Logistics Group (NASDAQ: CVLG) reported its fourth-quarter results for 2020, highlighting a strategic repositioning around its core business units. Revenue for the quarter was $225.2 million, slightly down from $230.6 million in the prior year, with a significant reduction in fleet size by 18%. The company paid down over $200 million in debt and incurred approximately $48 million in restructuring charges. Despite challenges such as driver retention and COVID-19 impacts, the Managed Freight segment saw revenue growth of 51.3%. The outlook for 2021 emphasizes cost control and profitability improvements.
Covenant Logistics Group, Inc. (CVLG) plans to release its fourth quarter earnings on January 25, 2021, at 4:00 p.m. Eastern time. A conference call to discuss the results will be held on January 26, 2021, at 11:00 a.m. Eastern time. Investors can participate by calling 877-271-1828 (U.S./Canada) or 800-756-3333 (International), with an access code of 72840331. An audio replay will be available for a week after the call. The company provides a range of transportation and logistics services across the U.S., including expedited and dedicated truckload services.
Covenant Logistics Group (NASDAQ: CVLG) reported its Q3 2020 results, revealing net income of $7.5 million, a recovery from a net loss of $3.2 million in Q3 2019. Revenue before fuel surcharges remained steady at $210.8 million. The company reduced its tractor fleet size by nearly 18%, while net income per share was $0.43, a significant improvement from a loss of $0.17 per share last year. Debt was reduced by approximately $175.6 million over the past year, enhancing financial stability. CEO David R. Parker emphasized ongoing strategic improvements despite potential near-term challenges.
Covenant Logistics Group (CVLG) will release its third quarter earnings on October 26, 2020, at 4:00 p.m. Eastern time. A conference call is scheduled for October 27, at 10:00 a.m. Eastern time, with dial-in numbers provided for participants. An audio replay will be accessible for one week post-call, and extended replays will be available on the company’s investor website. Covenant offers a range of transportation and logistics services across the U.S., including expedited truckload capacity and freight brokerage. The company trades on NASDAQ under the symbol CVLG.
Covenant Logistics Group, Inc. (CVLG) projects third quarter financial results to significantly exceed earlier expectations. The company anticipates an adjusted operating ratio in the low 90s, improved freight revenue between $190 million and $200 million, and enhanced operational efficiencies amid favorable market conditions and a recovering economy.
Additionally, a dispute with Triumph Bancorp regarding the TFS factoring division sale was resolved, resulting in lower purchase price terms and a new risk-sharing agreement, which will aid in managing future liabilities.
Covenant Logistics Group (CVLG) reported Q2 2020 financial results, showing a total revenue of $191.7 million, down 11.7% year-over-year. The company experienced a net loss of $22.3 million, with a loss per share of $1.31, compared to net income of $6.1 million in Q2 2019. Operating expenses rose, impacted by restructuring and COVID-19. Freight revenue fell to $179.6 million, down 6.8%. Liquidity improved to $125.4 million, while net indebtedness decreased by $52.4 million, highlighting cash management efforts amid industry challenges.
Covenant Logistics Group (Nasdaq: CVLG) has delayed its second quarter earnings release, which was originally set for July 22, 2020, at 4:00 p.m. Eastern. Consequently, the live conference call to discuss these earnings, planned for July 23, at 11:00 a.m., will also be postponed. Covenant provides a range of transportation and logistics services across the U.S., including expedited and dedicated trucking, warehousing, transportation management, and freight brokerage.
Covenant Logistics Group, Inc. (CVLG) has announced plans to release its second quarter earnings on July 22, 2020, post 4:00 p.m. Eastern time. A live conference call to discuss the earnings will be held on July 23, 2020, at 11:00 a.m. Eastern time. Interested parties can participate by dialing 877-271-1828 for U.S. callers, or 800-756-3333 for international participants, using the access code 47364515. An audio replay will be available for one week after the call. The company provides transportation and logistics services across the U.S.
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