Covenant Expects 2Q Profit

Covenant Transportation Group said Thursday it expects to report a second-quarter profit of 12 to 20 cents per share.

The results would be an improvement over the carrier's loss of 22 cents per share in the second quarter of 2009, Covenant said in a statement.

“The expected improvement versus our previous breakeven outlook is attributable to further improvements in freight rates, miles per truck, internal revenue generation initiatives and cost control efforts,” said Chairman and Chief Executive Officer David Parker.

Covenant made the prediction based on information through the third week of June. The second quarter ended Wednesday.

Covenant Transportation Group is ranked No. 37 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers. Supply chain consulting firm Transplace Inc. is a unit of Covenant.