Welcome to our dedicated page for Covenant Logistics Group news (Ticker: CVLG), a resource for investors and traders seeking the latest updates and insights on Covenant Logistics Group stock.
Covenant Logistics Group Inc (CVLG) delivers premium freight transportation solutions with over three decades of industry leadership. This news hub provides investors and supply chain professionals with essential updates on the company’s operational milestones, financial performance, and strategic initiatives.
Access timely press releases and analysis covering earnings announcements, service expansions, leadership updates, and partnership developments. Our curated collection ensures you stay informed about critical logistics decisions impacting CVLG’s position in expedited freight and dry van transportation markets.
Discover updates categorized for efficient navigation: quarterly financial disclosures, operational enhancements, corporate governance changes, and market expansion efforts. Each entry maintains factual accuracy while contextualizing developments within the broader transportation sector.
Bookmark this page for direct access to Covenant Logistics Group’s official communications and third-party analysis. Regularly updated content supports informed decision-making for stakeholders tracking North American logistics trends.
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.
On May 17, 2024, Covenant Logistics Group announced a quarterly cash dividend of $0.11 per share for both Class A and Class B common stock. This dividend is payable to shareholders on record as of June 7, 2024, and will be paid on June 28, 2024. The announcement follows a previously approved cash dividend program, but future dividends and their dates will be determined by the board each quarter. Covenant Logistics Group provides a range of transportation and logistics services across the U.S. and trades under the NASDAQ symbol CVLG.
Covenant Logistics Group, Inc. announced the appointment of Dustin Koehl as Chief Operating Officer, bringing 17 years of transportation experience to the leadership team. The move is aimed at strengthening the company's operations and sales functions, allowing for a focus on strategic initiatives and diversification.
FAQ
What is the current stock price of Covenant Logistics Group (CVLG)?
What is the market cap of Covenant Logistics Group (CVLG)?
