Covenant Logistics Group Inc Stock Price, News & Analysis

Covenant Logistics Group has announced a quarterly cash dividend of $0.08 per share for both Class A and Class B common stock. This dividend is payable to stockholders of record on December 2, 2022, with payment expected on December 30, 2022. The dividend declaration is part of a program approved by the board of directors, although future dividends are subject to their discretion. Covenant operates various transportation and logistics services across the United States, trading on NASDAQ under the symbol CVLG.

Covenant Logistics Group (CVLG) reported robust financial results for Q3 2022, with earnings of $3.39 per diluted share and adjusted earnings of $1.52 per share, despite facing inflation and a declining freight market. Total revenue rose 13.6% to $311.8 million, while operating income surged to $59.1 million. The company repurchased 1 million shares in Q3, totaling 3.3 million for 2022. Key segments, Expedited and Dedicated, made significant contributions, although cost increases impacted margins. Management anticipates continued inflation and lower demand, affecting future margins.

Covenant Logistics Group, Inc. (CVLG) plans to release its third-quarter earnings on October 20, 2022, at 4:00 p.m. ET. A live conference call will follow on October 21, 2022, at 9:00 a.m. ET, where management will discuss the earnings results. Interested parties can join by calling 877-550-1505 (U.S./Canada) or 0800-524-4760 (International). An audio replay will be accessible for a week after the call. For further financial information, visit Covenant's investor website.

Covenant Logistics Group has released its 2021 Corporate Social Responsibility (CSR) Report, highlighting its commitment to employees, communities, and the environment. Key findings include that nearly 20% of its workforce comprises military veterans and a 28% year-over-year increase in minority hires. Community initiatives include the Company Benevolence Fund and Volunteer Time Off programs. Environmental efforts feature a 600,000 lbs tire recycling initiative and 150kw solar panel installation. The company received multiple accolades, including recognition as a SmartWay High Performer in sustainability.

Covenant Logistics Group (NASDAQ: CVLG) announced the sale of a California terminal for approximately $44 million, expecting a pretax gain of $37.5 million. The transaction is projected to close by the end of Q3 2022. Additionally, the company declared a $0.08 quarterly cash dividend, payable to stockholders of record on September 2, 2022, and expected to be paid on September 30, 2022. The company aims to reduce operating expenses by $500,000 annually with this sale, enhancing overall financial performance.

Covenant Logistics Group (CVLG) has filed a universal shelf registration statement on Form S-3 with the SEC, replacing an expired statement from 2021. This move aims to provide the company with flexibility in accessing capital markets for future financing opportunities, although there are no immediate plans to sell securities. Once effective, the registration will allow the issuance of various securities up to $200 million, including common and preferred stock, debt securities, rights, and warrants. The filing underscores standard corporate governance, ensuring readiness for potential business prospects.

Covenant Logistics Group (NASDAQ: CVLG) reported strong second-quarter results for 2022, achieving record earnings of $1.56 per diluted share and $1.63 adjusted per diluted share. Revenue increased to $317.4 million, up 24% year-over-year, driven by strong performance in its Expedited and Dedicated segments. The company completed a $30 million stock repurchase and initiated an additional $75 million plan. Despite challenges like cost inflation and a soft freight market, management is optimistic about future performance, expecting continued revenue growth and further stock repurchases in the upcoming quarters.

Covenant Logistics Group (CVLG) will release its Q2 earnings after 4:00 p.m. ET on July 25, 2022. A live conference call to discuss these results is scheduled for July 26, 2022, at 10:00 a.m. ET. Participants can join by dialing 800-231-0316 (U.S./Canada) or 0800-524-4760 (International). An audio replay will be available for one week post-call, and extended access will be on the investor website under 'Audio Archives.' The company provides a range of transportation and logistics services across the U.S. and operates through various subsidiaries.