Covenant Logistics Group Inc. said Tuesday its adjusted net income for all of 2023 was down 43% from the previous year, but the Chattanooga-based trucking carrier still outperformed the market expectations for the company in the fourth quarter and had the second best year ever for its annual earnings.
Covenant reported after the market closed Tuesday that its adjusted net income in 2023 totaled $57.5 million, or $3.99 per share, compared with adjusted earnings of $90.5 million, or $7 per share, in 2022.
“Despite the challenges that come with a soft freight market, our team found a way to be successful in 2023,” Covenant CEO David R. Parker said in the company’s earnings release. “We achieved our second-best adjusted earnings per diluted share in company history while improving the durability and diversification of our business through our acquisitions of Lew Thompson and Son Trucking Inc. and Sims Transport Services LLC.”
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Parker said Covenant also increased its quarterly dividend and repurchased approximately 5% of Covenant’s outstanding stock over the past year.