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Mar 31, 2024
Covenant Logistics Q1 2024 Earnings Report
Covenant Logistics Group's first quarter 2024 results were announced, revealing earnings of $0.29 per diluted share and adjusted earnings of $0.84 per diluted share, despite a soft freight market and adverse weather conditions.
Key Takeaways
Covenant Logistics Group reported first quarter earnings of $0.29 per diluted share and non-GAAP adjusted earnings of $0.84 per diluted share, navigating a soft freight market and adverse weather conditions. The team capitalized on opportunities, allocated equipment investments, and controlled costs, with successful execution of major startups in the Dedicated segment.
First quarter earnings were reported at $0.29 per diluted share, with non-GAAP adjusted earnings at $0.84 per diluted share.
The team navigated a challenging environment by capitalizing on opportunities and controlling costs.
Successful execution of two major startups in the Dedicated segment is expected to continue momentum in future quarters.
The first quarter's freight market remained soft, comparable to the previous year, with used equipment prices declining and adverse weather creating challenges.
Covenant Logistics
Covenant Logistics
Covenant Logistics Revenue by Segment
Revenue by Segment
Expedited - Truckload Revenue
CapyFin.comDedicated - Truckload Revenue
CapyFin.comManaged Freight Revenue
CapyFin.comWarehousing Revenue
CapyFin.com Forward Guidance
Covenant Logistics is pleased with their quarterly results, which were achieved during a very difficult operating environment. Although they believe freight market fundamentals are slowly improving, the second quarter has provided little evidence of a 2024 recovery. Regardless of the operating environment, they remain focused on their strategic plan and the tactical steps it takes to make them better every day.
Revenue & Expenses
Visualization of income flow from segment revenue to net income