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Phrases such a “challenging freight market” and a freight environment that’s “less attractive” continued to be some of the buzz words Wednesday as another raft of second quarter corporate earnings washed ashore, while one company defied the trend with its net income soaring more than 300%.
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Covenant Transportation Group Inc. has lowered expectations for its second quarter earnings report due to the current freight market as well as internal issues it’s facing.
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The wave of first quarter earnings reports from the nation’s publicly owned fleets continued on Wednesday, with three out of four lower than a year earlier due mainly to less freight to move.
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One of the nation’s largest trucking companies reported improved earnings for the final quarter of last year and beating its expectations for all of 2015 while another publicly held fleet's latest three-month numbers failed to live up to its annual performance.
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Earnings Watch: Two primarily truckload carriers, Knight and Covenant, saw higher profits in the second quarter, but lawsuit-related expenses kept Knight from reporting more.
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The holding company for trucking companies Covenant Transport and others moved to a profit from a loss in the first quarter of the year.
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The parent to Covenant Transport and other trucking companies, Covenant Transportation Group Inc., has reported big jumps in both its fourth quarter and 2014 profits.
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Trucking holding company Covenant Transportation Group has announced it expects to report fourth quarter earnings well above the level from a year earlier due to a big gain in revenue.
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The parent of trucking companies Covenant Transport and others said it expects big improvement when its fourth quarter earnings are released and plans a public stock offering.
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The decline was not surprising with the company announcing last month it was hit with a multi-million dollar judgment.
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