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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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The parent company to trucking operations including Covenant Transport and others has issued expectations for its upcoming third quarter financial results.
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Trucking holding company Covenant Transportation Group announced this week it was hit with a sizeable judgement regarding a 2008 cargo claim while it is raising driver pay for one one of its operations.
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Tennessee-based Covenant Transportation Group said net income totaled $3.8 million, or 25 cents per share, compared with net income of $1.9 million, or 13 cents per share in the second quarter of 2013.
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Arkansas-based truckload carrier and logistics provider, USA Truck, cut its net loss from $2.5 million in the first quarter of last year to $1.6 million in the first quarter of this year. This resulted in a diluted loss per share of 15 cents compared to 24 cents during the same time frame.
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The parent to several freight transportation providers, including Covenant Transport, has released numbers showing net income doubled in the final quarter of the year, but there was a slight decline for all of 2013.
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Former Con-Way executive Herbert “Herb” Schmidt has been elected to Covenant Transportation Group’s board of directors. Schmidt, age 57, served as the executive vice president of Con-Way Inc. and president of Con-way Truckload from 2007 to 2012.
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