Covenant Transport Inc., Chattanooga, Tenn., said revenue was up approximately 12 percent to $169.9 million in the 2005 third quarter from $151.9 million in the 2004 quarter.
Freight revenue, before fuel surcharges, was up approximately 3 percent to $144.7 million in the 2005 quarter from $140.6 million in the 2004 quarter. The company had net income of $1.2 million or $.09 per diluted share, in the 2005 quarter compared with net income of $4.7 million, or $.32 per diluted share, for the third quarter of 2004.
Chairman, President and Chief Executive Officer David R. Parker made the following comments on the quarter: "Freight demand gained strength throughout the quarter, with September finishing quite strong. After two quarters of less than impressive asset utilization, we were able to increase our average freight revenue per tractor per week (excluding fuel surcharge revenue) to $3,067 in the third quarter of 2005, a 1.1 percent increase over a strong third quarter of 2004. Additionally, the 3.6 percent sequential increase in average freight revenue per tractor per week from the second quarter of 2005 was the largest increase in the company's history. A key factor in the improvement was a 7.4 percent increase in average revenue per loaded mile, to $1.515 in the third quarter of 2005, compared with $1.410 in the third quarter of 2004. The increase in rates more than offset a 4.7 percent decrease in average miles per tractor mainly attributable to a smaller percentage of teams during the third quarter of 2005 versus the third quarter of 2004.”
Freight revenue, before fuel surcharges, was up approximately 3 percent to $144.7 million in the 2005 quarter from $140.6 million in the 2004 quarter. The company had net income of $1.2 million or $.09 per diluted share, in the 2005 quarter compared with net income of $4.7 million, or $.32 per diluted share, for the third quarter of 2004.
Chairman, President and Chief Executive Officer David R. Parker made the following comments on the quarter: "Freight demand gained strength throughout the quarter, with September finishing quite strong. After two quarters of less than impressive asset utilization, we were able to increase our average freight revenue per tractor per week (excluding fuel surcharge revenue) to $3,067 in the third quarter of 2005, a 1.1 percent increase over a strong third quarter of 2004. Additionally, the 3.6 percent sequential increase in average freight revenue per tractor per week from the second quarter of 2005 was the largest increase in the company's history. A key factor in the improvement was a 7.4 percent increase in average revenue per loaded mile, to $1.515 in the third quarter of 2005, compared with $1.410 in the third quarter of 2004. The increase in rates more than offset a 4.7 percent decrease in average miles per tractor mainly attributable to a smaller percentage of teams during the third quarter of 2005 versus the third quarter of 2004.”
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