Covenant Transportation Group, Inc. doubled its first quarter losses from a year ago, but the Chattanooga-based trucking company still beat analysts’ expectations by a penny per share.
Covenant said today that it lost $2 million, or 13 cents per share, on revenues of $164.7 million in the first three months of the year. In the first quarter of 2012, Covenant lost $640,000, or 4 cents per share, on revenues of $157 million.
Covenant said first quarter freight revenue grew 5.9 percent over a year ago
"We experienced an uneven operating environment in the first quarter as January freight was strong, followed by average demand but difficult weather conditions in February, and a March that started off well, but finished weaker than expected,” Covenant CEO David Parker said in a statement today. “Despite the business, weather, and calendar headwinds, operating results were comparable to last year's first quarter, excluding the $2.4 million gain on sale of a terminal in the 2012 quarter.”
Dave Flessner is the business editor for the Times Free Press. A journalist for 35 years, Dave has been business editor and projects editor for the Chattanooga Times Free Press, city editor for The Chattanooga Times, business and county reporter for the Chattanooga Times, correspondent for the Lansing State Journal and Ingham County News in Michigan, staff writer for the Hastings Daily Tribune in Nebraska, and news director for WCBN-FM in Michigan. Dave, a native ...