Covenant Transportation Swings to 4Q Profit

Covenant Transportation Group reported fourth-quarter net income of $1.5 million, or 10 cents a share, turning around a net loss of $2.2 million, or 76 cents, a year earlier.

Revenue rose 9.6% to $177.5 million. Freight revenue increased 9.8% to $140 million.

Operating income rose to $4.6 million from a loss of $9.8 million, the truckload carrier said.

For all of 2012, net income rose to $6.1 million, or 41 cents per share, from a net loss of $14.3 million, or 97 cents, in 2011.   

Covenant Transportation Group is ranked No. 40 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.