NYSE$CVLG
Covenant Logistics Group Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Covenant Logistics' financial performance remained strong amidst general market headwinds, marked by freight revenue growth and adjusted operating income growth.
Covenant Logistics Group reported second quarter earnings of $0.88 per diluted share and non-GAAP adjusted earnings of $1.04 per diluted share. Freight revenue grew by 5.3% year-over-year, and adjusted operating income increased by 15.0%. The company navigated a challenging freight environment by capitalizing on new commercial opportunities and controlling costs.
- Reported earnings of $0.88 per diluted share and non-GAAP adjusted earnings of $1.04 per diluted share.
- Freight revenue increased 5.3% year-over-year.
- Adjusted operating income grew by 15.0% year-over-year.
- Transport Enterprise Leasing contributed pre-tax net income of $4.1 million.
Headline financials
Revenue & EPS history
Covenant Logistics · Revenue · Quarterly
$287M
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 anticipates continued improvement to its business model and is actively working to take the company to the next level of performance. While freight market fundamentals have continued to slowly improve and macroeconomic indicators are beginning to positively reveal themselves, absent an outside catalyst, they believe a material improvement in the freight market will take time.
Tailwinds
- Consistently strong financial performance.
- Benefits from structural changes to business model.
- Commitment to continued improvement.
- Freight market fundamentals slowly improving.
- Macroeconomic indicators beginning to positively reveal themselves.
Headwinds
- Weak general freight market.
- Material improvement in freight market will take time absent an outside catalyst.
- Focus and commitment remains unchanged.
- Executing strategic plan through tactical step by step execution.
- Capitalizing on opportunities that drive deeper into the supply chain.
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 Q2 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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