NYSE$CVLG
Covenant Logistics Group Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Covenant Logistics Group's first quarter 2024 results were announced, revealing earnings of $0.29 per diluted share and adjusted earnings of $0.84 per diluted share, despite a soft freight market and adverse weather conditions.
Covenant Logistics Group reported first quarter earnings of $0.29 per diluted share and non-GAAP adjusted earnings of $0.84 per diluted share, navigating a soft freight market and adverse weather conditions. The team capitalized on opportunities, allocated equipment investments, and controlled costs, with successful execution of major startups in the Dedicated segment.
- First quarter earnings were reported at $0.29 per diluted share, with non-GAAP adjusted earnings at $0.84 per diluted share.
- The team navigated a challenging environment by capitalizing on opportunities and controlling costs.
- Successful execution of two major startups in the Dedicated segment is expected to continue momentum in future quarters.
- The first quarter's freight market remained soft, comparable to the previous year, with used equipment prices declining and adverse weather creating challenges.
Headline financials
Revenue & EPS history
Covenant Logistics · Revenue · Quarterly
$279M
Revenue by segment
Covenant Logistics · $253M total across 4 segments · Q3 2023
- Expedited - Truckload$91.7M—36.2%
- Managed Freight$69.7M—27.5%
- Dedicated - Truckload$66.9M—26.4%
- Warehousing$25M—9.9%
Forward guidance
Covenant Logistics is pleased with their quarterly results, which were achieved during a very difficult operating environment. Although they believe freight market fundamentals are slowly improving, the second quarter has provided little evidence of a 2024 recovery. Regardless of the operating environment, they remain focused on their strategic plan and the tactical steps it takes to make them better every day.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+0.3%
Avg return
Earnings day
+4.2%
Avg return
5 days after
+6.0%
Avg return
30 days after
53%
21 / 40 earnings
Positive
+17.5%
Q2 2022
Best reaction
-19.7%
Q3 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.5% | +11.7% | +19.6% | |
| Q4 2025 | -4.4% | +10.5% | +13.9% | |
| Q3 2025 | -9.4% | -7.7% | -12.7% | |
| Q2 2025 | -1.8% | -2.9% | -5.0% | |
| Q1 2025 | +10.4% | +5.9% | +17.0% | |
| Q4 2024 | -2.9% | -1.4% | -11.7% | |
| Q3 2024 | -2.3% | -1.3% | +9.9% | |
| Q2 2024 | +6.8% | +6.3% | +4.6% | |
| Q1 2024 | +1.1% | +2.8% | +7.2% | |
| Q4 2023 | +2.7% | +3.9% | +6.5% | |
| Q3 2023 | -6.3% | -6.9% | +1.4% | |
| Q2 2023 | +13.0% | +15.5% | +3.9% | |
| Q1 2023 | +14.7% | +20.7% | +14.3% | |
| Q4 2022 | -19.4% | -12.0% | -6.2% | |
| Q3 2022 | +3.9% | +11.5% | +23.0% | |
| Q2 2022 | +17.5% | +14.0% | +10.8% | |
| Q1 2022 | +8.4% | +12.7% | +17.2% | |
| Q4 2021 | -4.5% | -1.0% | +2.3% | |
| Q3 2021 | -19.7% | -16.4% | -19.0% | |
| Q2 2021 | +5.8% | +4.9% | +18.4% | |
| Q1 2021 | +9.2% | +10.0% | +13.3% | |
| Q4 2020 | -7.1% | -5.7% | +16.1% | |
| Q3 2020 | -11.1% | -20.7% | +6.6% | |
| Q2 2020 | +6.1% | +18.2% | +1.9% | |
| Q1 2020 | -1.2% | +25.8% | +56.3% | |
| Q4 2019 | -2.1% | +5.0% | +19.4% | |
| Q3 2019 | +1.5% | +3.3% | -14.9% | |
| Q2 2019 | +4.1% | +11.1% | -4.8% | |
| Q1 2019 | -3.9% | -5.3% | -20.0% | |
| Q4 2018 | +0.7% | +6.5% | +10.8% | |
| Q3 2018 | -1.8% | -0.8% | -6.2% | |
| Q2 2018 | +1.4% | +1.9% | +1.0% | |
| Q1 2018 | -3.2% | -5.3% | +3.7% | |
| Q4 2017 | +1.6% | +1.2% | -11.1% | |
| Q3 2017 | +4.4% | +8.0% | +9.2% | |
| Q2 2017 | +1.7% | +10.9% | +26.6% | |
| Q1 2017 | -0.4% | +8.3% | -1.2% | |
| Q4 2016 | +0.6% | +9.1% | +0.5% | |
| Q3 2016 | -1.1% | +6.8% | +26.8% | |
| Q2 2016 | -0.7% | +9.8% | -7.8% | |
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