Covenant Reports 2Q Loss

Covenant Transportation Group said Wednesday it lost $11.3 million or 80 cents a share, compared with a loss of $398,000 or 3 cents a year earlier.

Revenue rose 4.8% to $177.4 million, the company said.

Freight revenue excluding fuel surcharges rose 8.4% to $151 million.

“Although a majority of the loss is attributable to three items of an infrequent nature, and we knew our ongoing business realignment would involve fluctuations in results, the results are nonetheless disappointing,” Chairman and Chief Executive Officer David Parker said in a statement.

Covenant is ranked No. 38 on the 2007 Transport Topics 100 listing of U.S. and Canadian for-hire carriers.