Covenant Reports Third-Quarter Profit

Covenant Transportation Group reported its second consecutive quarterly profit in almost three years, posting its best back-to-back quarters since the last two quarters of 2005.

The truckload carrier late Monday reported third-quarter net income of $1.9 million, or 13 cents per share, compared with a loss of $13.6 million, or 96 cents, a year ago.

Revenue rose 7.7%, to $164.8 million, while freight revenue excluding fuel surcharges improved 4.2% to $139 million.

Covenant in July reported a second-quarter profit, its first quarterly profit since late 2007. (Click here for previous story.)

“Freight has continued to be steady but without a noticeable seasonal peak during the first three weeks of October,” said Chairman and CEO David Parker.

“We are continuing to receive rate increases from our customers in most of our operations,” he said in a statement.

Covenant Transportation Group is ranked No. 37 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.