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Covenant Logistics Group Announces Fourth Quarter Financial and Operating Results

Covenant Logistics Group Announces Fourth Quarter Financial and Operating Results
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Covenant Logistics Group Announces Fourth Quarter Financial and Operating Results

Covenant Logistics Group Announces Fourth Quarter Financial and Operating Results
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Covenant Logistics Group Announces First Quarter Financial and Operating Results and Acquisition

CHATTANOOGA, Tenn., April 27, 2023 Covenant Logistics Group, Inc. announced today financial and operating results for the first quarter ended March 31, 2023 and the acquisition of Lew Thompson. | April 27, 2023

Covenant Logistics Group Announces First Quarter Financial

Combined Truckload Revenue Mr. Parker commented on truckload operations, “For the quarter, total revenue in our truckload operations decreased 8.3%, to $154 million, compared to 2020, consistent with our plan to refocus our asset-based fleet around Dedicated and Expedited operations while downsizing solo-driver refrigerated and reducing one-way irregular routes and other less profitable operations. The revenue decrease consisted of $13.0 million lower freight revenue and $1.0 million lower fuel surcharge revenue. The decrease in freight revenue primarily related to a 15.6% average operating fleet reduction, offset by an 8.0% increase in freight revenue per tractor. In the first quarter, we experienced a 4.1% increase in average freight revenue per total mile from $1.84 in 2020 to $1.91 in 2021. Average miles per tractor increased by 3.8% over the prior year period. In addition, the unseated truck percentage increased to 5.3% compared to 3.1% in the prior year period.”

Covenant Logistics Group Announces First Quarter Financial and Operating Results

Covenant Logistics Group Announces First Quarter Financial and Operating Results
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