Covenant Transportation’s 1Q Loss Narrows
Covenant Transportation Group narrowed its first-quarter to loss to $1.4 million, or 9 cents per share, from $2 million, or 13 cents, a year ago.
Revenue declined 2.3% to $161 million, the truckload carrier said in a statement.
“Overall freight demand was relatively strong, the rate environment was favorable qualified professional drivers remained in short supply and weather hampered our efficiency,” CEO David Parker said.
Revenue per total mile rose 3.2%, but miles per unit declined 1.5% due to winter weather and regulatory restrictions. Costs rose 2.4 cents per mile because of higher pay.
Covenant ranks No. 41 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.
