Covenant Forecasts Higher 3Q Earnings
Covenant Transportation Group Inc. said its third-quarter earnings per share will be triple what they were a year ago, excluding charges.
Covenant said it will earn 35 to 40 cents per share for the quarter that ends Sept. 30, excluding a 29- to 33-cent per-share charge for a cargo claim that was announced earlier this month.
That compares with the 13 cents per share that the Chattanooga, Tennessee-based truckload carrier earned in last year’s third quarter. Excluding the charges, Covenant said it expects to earn 5 to 11 cents per share.
Covenant, which will release its third-quarter earnings on Oct. 21, has seen “strong operating metrics for the first two months of the quarter [leading it to] increase our financial expectations for the quarter,” Chairman and CEO David Parker said in a statement.
Covenant Transportation Group is ranked No. 43 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.
