Covenant Transport, Chattanooga, Tenn., has announced that its board of directors approved the company's first stock repurchase program. Covenant is now authorized to repurchase up to 1 million shares in open market or negotiated transactions. The repurchase program has no expiration date.
Covenant also announced that it expects to earn $.25 to $.30 per share for the second quarter. Revenue is expected to be up more than 20% for the quarter, however, earnings are expected to be less than expected, primarily due to slow freight.