Covenant Nearly Doubles Net Income in 3Q
Covenant Transportation Group said its net income nearly doubled in the third quarter to $1.97 million, or 13 cents a share, from $1 million, or 7 cents, in the same quarter in 2012.
Revenue grew 1.4% to $170.8 million, the truckload carrier said Oct. 17. Freight revenue increased 1.7% to $135.2 million.
Salaries, wages and related expenses increased about 1.4%, but they were offset by drops in fuel and insurance costs, Covenant said.
Covenant Transport Solutions, the company’s logistics subsidiary, saw an operating income of $366,000, compared with an operating loss of $221,000 in last year’s quarter. Revenue grew 57.8% to $10.7 million.
Covenant Transportation Group is ranked No. 41 on the Transport Topics Top 100 listing of U.S. and Canadian for-hire carriers.
