Covenant cuts quarterly loss
Covenant Transportation Group narrowed its first quarter loss and beat analysts’ expectations in the first three months of the year. But the Chattanooga-based trucking giant still lost $1.4 million, or 9 cents per share, on revenues of $161 million in the first quarter.
Shipping revenues were down 2.3 percent, in part, because of adverse weather during the first quarter.
“Although we are not satisfied with these results, an improvement in the face of harsh winter weather and the expected unfavorable impact of the February implementation of our enterprise management system at our Southern Refrigerated Transport subsidiary was a small victory,” Covenant CEO David Parker said.
VW profits up 22 percent
Volkswagen Group’s first-quarter operating profit surged 22 percent, boosted by higher sales at the luxury Porsche and Audi brands, to $3.97 billion, the company reported Tuesday.
“We must now continue improving our position and maintain our successful course,” said Martin Winterkorn, the chief executive of the company which has an assembly plant in Chattanooga and is weighing an expansion of the 2,700-worker factory.
Sales revenue rose by 2.7 percent in the first three months of the year. The number of new sales in the Asia-Pacific region, Western Europe, North America and Central Europe increased year-on-year, while the emerging markets in South America and Eastern Europe recorded lower volumes, VW said.