Covenant Transportation Group announced profits plunged 58% in the second quarter, even though the truckload carrier surpassed the low expectations of industry analysts.

Net income at dry van and refrigerated carrier Covenant Transportation Group fell by more than 50%, year-over-year, for both the fourth quarter and the full year, the Chattanooga, Tennessee, truckload fleet reported Jan. 25.

The head of one of Chattanooga, Tennessee’s biggest trucking companies says there is an urgent need to upgrade the interstate highways in the Chattanooga region to keep commerce flowing.

Covenant Transportation Group and Heartland Express Inc. reported lower third-quarter earnings, citing factors such as a moderate freight market and excess available capacity.

Trading of stock in Covenant Transportation Group was suspended Oct. 13 for about 30 minutes after CEO David Parker announced that third-quarter earnings could be more than 50% below the consensus from analysts.

Covenant Transportation Group named Paul Newbourne chief operating officer at its Covenant Transport Solutions logistical unit, effective immediately.

America's trucking industry, already struggling with a drop in truck shipments during the first half of 2016, could soon face competition from a behemoth of the logistics industry — Amazon.

Covenant Transportation Group Inc. is lowering expectations for earnings in the second-quarter, one day after another large for-hire truckload carrier, Werner Enterprises, made a similar downgrade.

Parker was in his 20s when he started Covenant. Longhaul trucking pioneer Clyde Fuller raised him. Parker came up in trucking and discovered a talent for the work.