David Parker is the president of Covenant Transport.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."