Covenant Transportation Group on Wednesday posted a profit for its fourth quarter and the year, with the trucking company’s chief calling the performance “a dramatic turnaround.”
But CEO David R. Parker said work “remains to be done to achieve acceptable margins and returns on our investment.”
In the quarter, Chattanooga-based Covenant reported net income of $700,000, or 5 cents a share, compared to a loss of $2.7 million a year ago. Also, Covenant posted quarterly revenue of $163.9 million, up 3.9 percent.
For the year, Covenant’s net income was $3.3 million, or 23 cents a share, versus a loss of $25 million a year ago. Revenue grew to $649.7 million, up 10.4 percent.