Covenant Transportation Group reported Wednesday that fourth quarter net income fell by more than half over a year ago on lower revenue.
Net income in the quarter was $6 million, or 33 cents per diluted share, compared with $13.2 million, or 73 cents per diluted share, in the fourth quarter of 2015, according to the Chattanooga-based trucking company.
Total revenue in the most recent quarter was $191 million, a decrease of 8.2 percent versus the fourth quarter of 2015, the company said.
Freight revenue of $173.5 million, excluding revenue from fuel surcharges, dropped 9.2 percent compared with the fourth quarter of 2015.
David R. Parker, Covenant’s chairman and chief executive officer, said the trucking environment in the fourth quarter improved sequentially compared with the third quarter of 2016.