Covenant’s Net Income Rises to $3.8 Million

Covenant Transportation Group reported its second-quarter net income doubled to $3.8 million, or 25 cents per share, from $1.9 million, or 13 cents, a year ago.

Revenue increased 0.7% to $173.7 million, the truckload carrier said in a statement.

“The quarter was characterized by robust freight volumes, customers seeking a high level of service, an ability to improve yields through lane engineering and higher rates, and strong competition for an increasingly short supply of qualified professional drivers,” CEO David Parker said.

Revenue per total mile rose 5.2%, and miles per unit increased 1.5% on a tighter overall network and more team-driven tractors.

Covenant ranks No. 43 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.