Chattanooga-based Covenant Transportation Group will report a profit in the fourth quarter of 2010, compared to a loss in the fourth quarter of 2009, according to David Parker, chairman, president and CEO.
The company should see net income of 3 cents to 7 cents per share, Parker said in a news release, compared to a net loss of 19 cents per share in the fourth quarter of 2009.
He attributed Covenant’s return to profitability to a $4.2 million increase in the company’s trucking business, an average yearly increase of $90 in revenue per truck, per week, thanks to “an improved rate environment.”