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Covenant Logistics Group Reports Resilient Q4 2024 Financial Results Amidst Challenging Freight Environment

Covenant Logistics Group Reports Resilient Q4 2024 Financial Results Amidst Challenging Freight Environment

The Logistic News by The Logistic News
January 27, 2025
in Business
Reading Time: 1 min read
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Covenant Logistics Group Reports Resilient Q4 2024 Financial Results Amidst Challenging Freight Environment
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Covenant Logistics Group, Inc. (NYSE: CVLG) has announced its financial and operating results for the fourth quarter ending December 31, 2024. Despite a challenging freight environment, the company achieved earnings of $0.24 per diluted share and non-GAAP adjusted earnings of $0.49 per diluted share.

Key Financial Highlights:

  • Total Revenue: $277.3 million, a slight increase from $274.0 million in the same quarter of 2023.
  • Operating Income: $8.6 million, compared to $14.3 million in Q4 2023.
  • Net Income: $6.7 million, down from $12.8 million in the prior year quarter.

Segment Performance:

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  • Expedited Segment: Reported an operating income of $6.1 million, slightly down from $6.2 million in Q4 2023.
  • Dedicated Segment: Faced challenges due to temporary customer shutdowns and higher costs, impacting profitability.
  • Asset-Light Segments (Managed Freight and Warehousing): Outperformed expectations by providing overflow capacity and capitalizing on peak opportunities.

Strategic Investments:

The company’s 49% equity method investment in Transport Enterprise Leasing (TEL) contributed pre-tax net income of $3.0 million, compared to $4.7 million in the same quarter of 2023. The decrease was primarily due to a softening equipment market and increased interest expenses.

Executive Commentary:

Chairman and CEO David R. Parker stated, “These results mark the end of another successful year despite a challenging general freight environment, and I could not be happier with how our team has planned and adjusted throughout the year.”

Outlook:

Covenant Logistics remains focused on leveraging its diversified business model to navigate the current freight environment. The company aims to enhance profitability through strategic initiatives and operational efficiencies.

For more updates on developments in the logistics industry, stay tuned to The Logistic News.

#LogisticsNews #CovenantLogistics #FinancialResults #FreightIndustry #TheLogisticNews

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