Covenant Reports $7.8 Million 1Q Loss

Covenant Transportation Group said late Monday it lost $7.8 million, or 56 cents a share, in the first quarter, compared with a loss of $2.1 million, or 15 cents, a year ago.

Revenue rose 9.2% to $181.7 million, the truckload carrier said in a statement.

Freight revenue, excluding fuel surcharges, rose 3.5% to $148.6 million, Covenant said.

The company late last month predicted a first-quarter loss based in large part on high fuel costs. It said Monday that its fuel surcharges do not cover all miles driven by its trucks.

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