Covenant Transport Inc., Chattanooga, Tenn., said fourth quarter revenue increased 4%, to $152.2 million from $146.7 million in 2002.
Net income increased 23%, to $4.1 million from $3.4 million in 2002.
For the year, total revenue increased 3%, to $582.5 million from $564.4 million in 2002. Net income increased 47%, to $12.2 million from $8.3 million in 2002.
Chairman, President, and Chief Executive Officer David R. Parker said, "Freight demand continued to be strong throughout the fourth quarter in all areas of the country and across industry groups. This strength allowed us to raise revenue per tractor per week by 3.8% compared with the same quarter of 2002. After several difficult years, being able to exceed $2,900 per truck per week for two straight quarters is beginning to show progress towards our goal of at least $3,000 per truck per week. Contributing factors were an increase in average revenue per loaded mile of $.04 per mile and an increase in average miles per tractor of 1%.
"During 2003, one of our major goals was to reduce the average age of our tractors and trailers in order to reduce our ongoing maintenance expense. We took delivery of 1,447 tractors and 3,038 trailers and disposed of 1,520 tractors and 2,407 trailers during the year."
Net income increased 23%, to $4.1 million from $3.4 million in 2002.
For the year, total revenue increased 3%, to $582.5 million from $564.4 million in 2002. Net income increased 47%, to $12.2 million from $8.3 million in 2002.
Chairman, President, and Chief Executive Officer David R. Parker said, "Freight demand continued to be strong throughout the fourth quarter in all areas of the country and across industry groups. This strength allowed us to raise revenue per tractor per week by 3.8% compared with the same quarter of 2002. After several difficult years, being able to exceed $2,900 per truck per week for two straight quarters is beginning to show progress towards our goal of at least $3,000 per truck per week. Contributing factors were an increase in average revenue per loaded mile of $.04 per mile and an increase in average miles per tractor of 1%.
"During 2003, one of our major goals was to reduce the average age of our tractors and trailers in order to reduce our ongoing maintenance expense. We took delivery of 1,447 tractors and 3,038 trailers and disposed of 1,520 tractors and 2,407 trailers during the year."
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