Covenant Revenue, Profits Up
Covenant Transport Inc., Chattanooga, Tenn., announced financial and operating results for the quarter and nine month period ended Sept. 30, 2004
Covenant Transport Inc., Chattanooga, Tenn., announced financial and operating results for the quarter and nine month period ended Sept. 30, 2004.
According to the company, net income increased 17%, to $4.7 million from $4.1 million in 2003, and diluted earnings per share increased 14%, to $.32 from $.28 in 2003.
Total revenue for the quarter increased 4%, to $151.9 million from $146.5 million in 2003. Freight revenue, before fuel surcharges, remained essentially constant at $140.6 million in the 2004 quarter and $140.3 million in the 2003 quarter. The company measures freight revenue before fuel surcharges because management believes that fuel surcharges tend to be a volatile source of revenue and that removal of such surcharges affords a more consistent basis for comparing results of operations from period to period.
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