Covenant Transport Inc. expects earnings for the quarter ended June 30, 2003, will be in the range of $.18 to $.22 per share.

According to estimates published by NASDAQ, the range of analysts' estimates for the second quarter of 2003 is $.22 to $.33.
Earnings for the second quarter of 2002 were $.21 per share.
The main factor that affected the quarter was softer than expected freight demand, which impacted tractor productivity and non-revenue miles. Utilization, or miles per tractor, is anticipated to be down 3% to 4% versus the same quarter last year compared with the firm’s previous expectation of a 2% to 3% decrease.
Non-revenue miles are anticipated to increase to 8% versus Covenant’s expectation of 7.5%. Although freight demand is weaker than expected, rates per loaded mile are anticipated to increase 2% to 3% versus the same quarter last year, which is within the company’s previous expectations. Although the revenue side of the business was disappointing, after tax costs per mile are anticipated to be consistent with previous expectations.
Covenant Transport Inc. is a public truckload carrier that offers just-in-time service and other transportation services for customers throughout the United States. Covenant operates one of the 10 largest fleet.
The company expects to report second quarter financial results on July 22.