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.
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Covenant Logistics Group, Inc. (CVLG) reported first quarter financial results for 2023, showcasing earnings per diluted share of $1.20 and adjusted earnings of $0.93. The company also completed the acquisition of Lew Thompson & Son Trucking, enhancing its operations in poultry transportation. Total revenue declined to $266.9 million, down from $291.6 million a year prior. Operating income fell to $17.6 million from $23.8 million, reflecting market challenges, including a soft freight environment. Asset-based segments contributed 68% to total revenue, while asset-light segments faced margin pressure. Notably, the acquisition, valued at around $100 million, is expected to support revenue growth and improve operational resilience. Despite positive intentions, ongoing market headwinds suggest an uncertain outlook for the remainder of the year.