Covenant Transport Reports Income Up 39%
Covenant Transport Inc., Chattanooga, Tenn., said its second quarter net income increased 39%, to $4.4 million from $3.2 million in 2003
Covenant Transport Inc., Chattanooga, Tenn., said its second quarter net income increased 39%, to $4.4 million from $3.2 million in 2003.
Total revenue increased 3%, to $149.8 million from $145.9 million in 2003. Freight revenue, before fuel surcharges, remained essentially constant at $140 million in the 2004 quarter and $139.5 million in the 2003 quarter.
For the first six months, net income increased 28%, to $5.1 million. Total revenue increased 1%, to $287.5 million from $283.8 million during the same period of 2003. Freight revenue, before fuel surcharges, remained essentially constant at $270.6 million in the 2004 period and $269.8 million in the 2003 period.
Chairman, President, and Chief Executive Officer David R. Parker said, "We believe that the combination of tight truck capacity and our dedication to restoring Covenant's profitability back to the levels maintained by the company in the late 90's will continue to positively impact our earnings going forward.
"As we have mentioned in the past, we believe that the key to substantially improving our profitability is to improve our revenue per tractor per week, primarily through increases in revenue per loaded mile."
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