Covenant Reports Second-Quarter Profit

Covenant Transportation Group turned around a first-quarter loss and posted a second quarter profit, though smaller than a year ago, the truckload carrier said late Tuesday.

Net income slipped to $1.7 million, or 11 cents a share, down from $2.9 million, or 20 cents, a year ago. Covenant had reported a $2.5 million first-quarter loss.

Freight revenue slipped 5.5% from a year ago to $133.6 million, while total revenue rose 2.3% to $172.9 million. Operating income declined to $7.2 million, from $10 million a year ago.

“Average freight revenue per total mile increased an encouraging 6%,” Chairman and CEO David Parker said in a statement.

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