Covenant Logistics Group Inc. achieved record quarterly earnings this spring, beating analysts expectations as freight shipments rose along with the economic recovery in the past year.
The Chattanooga-based trucking company said Wednesday it earned $15.4 million, 0r 96 cents per adjusted share, in the three months ended June 30 – the highest quarterly profits in the company’s 35-year history. The results easily topped Wall Street projections, which analysts had predicted, on average, would total 67 cents per share in the second quarter.
The company said it expects profits and sales to remain higher this year as trucking demand strengthens and Covenant continues its cost streamlining efforts.
Revenues rose 33.7% above the year-ago levels in the most recent quarter to $256.3 million, also well above the average sales estimate of $225.3 million among analysts who follow the company.
In the same period a year earlier during the worst of the pandemic, Covenant reported a net loss of $22.3 million, or $1.31 per share, on sales of $191.7 million.