Covenant Posts Fourth-Quarter Loss

Covenant Transportation Group reported a fourth-quarter loss as freight revenue declined.

Its loss was $2.2 million, or 15 cents per share, compared to net income of $700,000, or 5 cents per share, a year ago, the truckload carrier said late Wednesday.

Revenue slipped 1.2%, to $162 million, and freight revenue fell 6.7% to $127.5 million.

Net loss for the full year was $14.3 million, or 97 cents per share, compared with income of $3.3 million, or 23 cents, in 2010. Excluding impairment charges, the 2011 loss would have been $4.9 million, or 33 cents.

Revenue increased 0.4% to $652.6 million in 2011, while freight revenue declined 6.3% to $512 million.

Covenant Transportation Group is ranked No. 36 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.