Covenant’s Third-Quarter Loss Widens

Covenant Transportation Group reported a third-quarter net loss of $13.6 million, or 96 cents a share, compared with a loss of $3.4 million, or 24 cents, a year ago.

Revenue fell 28%, to $153 million, the truckload carrier said late Monday. Freight revenue fell 18.2% to $133.3 million.

The company is continuing to reduce costs and said its annual tractor fleet plan for 2009 includes the purchase of about 950 tractors and disposal of approximately 1,250 tractors, for expected full-year net capital expenditures of approximately $50 million to $60 million.

“With an average fleet age of only 25 months, we have significant flexibility to manage our fleet,” Chairman and Chief Executive Officer David Parker 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.