Covenant Logistics misses This autumn income estimates, shares dip 3%

NEW YORK – Covenant Logistics Group, Inc. (NYSE:CVLG) reported fourth quarter earnings that met expectations however fell quick on income, sending shares down 3.3% in after-hours buying and selling Thursday.

The trucking and logistics firm posted adjusted earnings per share of $0.49, according to analyst estimates. Nonetheless, income got here in at $277.3 million, lacking the consensus forecast of $292.2 million.

Complete (EPA:TTEF) income elevated 1.2% year-over-year to $277.3 million. Freight income, excluding gas surcharges, rose 4.6% to $251.1 million in comparison with the identical quarter final 12 months.

The corporate’s Devoted section noticed robust progress, with freight income rising 22.4% YoY to $80.7 million. Nonetheless, this was offset by declines in different segments, together with a 4.3% drop in Managed Freight income to $62.3 million.

“We’re happy to report fourth quarter adjusted earnings of $0.49 per diluted share,” stated Chairman and CEO David R. Parker. “These outcomes mark the tip of one other profitable 12 months regardless of a difficult common freight atmosphere.”

Parker famous that the Devoted section’s profitability fell wanting expectations because of short-term buyer shutdowns and better prices. Nonetheless, the asset-light segments outperformed expectations.

For the complete 12 months 2024, Covenant Logistics reported adjusted earnings per share of $1.98 on income of $1.13 billion.

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