Covenant Logistics Group Inc Stock Price, News & Analysis

Covenant Logistics has been awarded the SmartWay® Excellence Award from the U.S. EPA, recognizing them as a top environmental performer in the freight industry. This award places Covenant within the top 1% of freight carriers based on emissions.

A key factor in Covenant's decarbonization strategy is their partnership with DClimate, an eAPU (electric auxiliary power unit) provider. The eAPU technology allows drivers to maintain climate control and use electronics without idling the engine, potentially reducing idling by 2,220 hours annually and saving 1.76 million gallons of fuel per 1,000 trucks.

Covenant was one of 29 truck carriers to receive this distinction out of SmartWay's 4,000+ Partners. The award highlights Covenant's commitment to reducing their environmental impact while improving operational efficiency and driver experience.

Abby Hamm of Covenant Logistics has been named a recipient of the 2024 Women in Supply Chain Award by Food Logistics and Supply & Demand Chain Executive. This prestigious award recognizes female supply chain leaders for their accomplishments, mentorship, and leadership in paving the way for future women in the industry. Hamm expressed her honor in receiving the award and her commitment to mentoring the next generation of female leaders.

Additionally, Hamm was recently appointed to the Women In Trucking (WIT) Board of Directors, serving a term through December 31, 2025. George Yates, Senior Vice President of Brokerage at Covenant Logistics, praised Hamm's dedication and leadership. The award recipients will be honored at the Women in Supply Chain Forum in Atlanta on November 12-13, 2024.

Covenant Logistics Group (NYSE: CVLG) has announced a quarterly cash dividend of $0.11 per share for both Class A and Class B common stock. The dividend will be paid on September 27, 2024, to stockholders of record as of September 6, 2024. This dividend is part of an ongoing cash dividend program approved by the company's board of directors. Covenant Logistics Group offers a range of transportation and logistics services across the United States, including asset-based expedited and dedicated truckload capacity, as well as asset-light warehousing, transportation management, and freight brokerage services.

Covenant Logistics Group has been honored as a winner at the 41st Annual Quest for Quality Awards, a prestigious recognition in the transportation and logistics industry. The awards, organized by Logistics Management, are based on a six-month research project conducted by Peerless Research Group and involve voting by qualified shippers who use the services regularly.

The Quest for Quality Awards are considered the gold standard for customer satisfaction and performance excellence for carriers, ports, and logistics providers worldwide. This year's survey involved 3,175 ballots from logistics and supply chain decision-makers, resulting in 145 transportation and logistics services providers earning the coveted recognition.

Paul Bunn, President of Covenant Logistics Group, expressed deep gratitude for the award, emphasizing the company's commitment to excellence and customer satisfaction. The recognition underscores Covenant's dedication to delivering exceptional service and innovative solutions in the logistics industry.

Covenant Logistics Group (NASDAQ/GS: CVLG) has announced its decision to transfer its Class A common stock listing from NASDAQ to the New York Stock Exchange (NYSE). The transition is set to take place on August 6, 2024, with trading on the NYSE beginning at market open under the existing ticker symbol 'CVLG'. The company's stock will continue trading on NASDAQ until the close of market on August 5, 2024.

CEO David R. Parker expressed optimism about the move, citing the NYSE's world-class trading platform as an opportunity to increase visibility and engagement. The NYSE's Vice Chair, John Tuttle, welcomed Covenant Logistics to their community of 'icons and disruptors'. Covenant Logistics Group offers a range of transportation and logistics services across the United States, including asset-based expedited and dedicated truckload capacity, as well as asset-light warehousing, transportation management, and freight brokerage services.

Covenant Logistics Group (NASDAQ: CVLG) reported Q2 2024 earnings of $0.88 per diluted share and adjusted earnings of $1.04 per diluted share. Total revenue reached $287.5M, a 4.9% increase YoY, while freight revenue grew 5.3% to $256.5M. Operating income was $15.6M, up from $11.8M YoY. Adjusted operating income rose by 15.0% to $18.7M. Covenant's investment with Transport Enterprise Leasing contributed $4.1M pre-tax net income, down from $5.4M YoY.

Despite market headwinds, Covenant saw a 8.7% increase in truckload operations revenue. However, the truckload segment faced rising operating costs per mile. Managed Freight's revenue declined 4.6%, but operating income improved 71.2%. Warehousing revenue grew 0.7%, with operating income increasing significantly. The company's net indebtedness rose by $25.0M to $273.3M. The outlook remains cautious but optimistic, focusing on structural improvements and strategic execution.

Covenant Logistics Group (NASDAQ: CVLG) has announced it will release its second quarter earnings on Wednesday, July 24, 2024, after 4:00 p.m. Eastern Time. The company will hold a live conference call to discuss the earnings on Thursday, July 25, 2024, at 10:00 a.m. Eastern Time. To participate in the call, dial 877-550-1505 for U.S./Canada, or 0800-524-4760 for international calls. An audio replay will be available for one week at 800-645-7964, access code 3895#, and an extended replay will be accessible on the company’s investor website.

Covenant Logistics Group offers a range of transportation and logistics services including truckload capacity, warehousing, transportation management, and freight brokerage. The company's stock trades on the NASDAQ Global Select Market under the symbol CVLG.

Food Logistics has named Covenant Logistics Group (CVLG) as a recipient of the 2024 Top 3PL & Cold Storage Providers Award. This accolade celebrates top third-party logistics (3PL) and cold storage providers within the cold food and beverage sector. The award highlights the importance of 3PLs and cold storage providers in mitigating supply chain disruptions. According to Marina Mayer, Editor-in-Chief of Food Logistics, 76% of the winners will invest in software solutions this year, showcasing their forward-thinking approach. Lynn Doster, EVP at Covenant Logistics, emphasized the company's commitment to excellence, leveraging advanced technologies, and fostering strong partnerships. Many winners offer services like LTL/TL (80%), refrigerated trucking (79%), and warehousing (72%).

Covenant Logistics Group has released its 2023 Corporate Social Responsibility (CSR) Report, detailing its commitment to sustainability and community engagement. The report highlights Covenant's efforts in emission reduction, fuel efficiency, and renewable energy investments. Key initiatives include the use of alternative fuels and emission-reduction technologies. The report also showcases Covenant's collaboration with industry leaders like REPOWR, Bridgestone, and Daimler Truck North America, and the company’s recognition as a Green Supply Chain Partner by Inbound Logistics for 2024. Matt McLelland, VP of Sustainability and Innovation, emphasizes Covenant's ongoing efforts to meet carbon reduction goals and embrace innovative solutions in decarbonization.