Covenant Logistics Group Inc. reported $302.85 million in total revenue during the second quarter, a 5% year-over-year increase from the same period in 2024.
Freight revenue rose 7.8% year-over-year in the second-quarter to $276.5 million, while truckload operations decreased 1% to $199.6 million.
Chattanooga, Tennessee-based Covenant (NASDAQ: CVLG) reported adjusted earnings per share of 45 cents in the quarter, compared to 52 cents in the same year-ago quarter.
“The highlight of our second quarter’s results was year-over-year freight revenue growth of 7.8% to $276.5 million, an all-time high for any quarter in the history of our enterprise,” Covenant Chairman and CEO David R. Parker said in a news release. “This milestone was achieved despite an operating environment that remained competitive throughout the quarter across many Expedited, Managed Freight, and non-specialized equipment Dedicated accounts.”
Freight revenue per tractor per week decreased 3.2% year-over-year to $5,543. Revenue in the expedited truckload segment fell 10% to $97.3 million, while dedicated segment revenue rose 9% to $102.3 million.
Covenant’s managed freight segment saw revenue of $77.5 million in the second quarter, an increase of 28% from the same time last year. The warehousing segment had revenue of $25.5 million during the quarter, a 1% year-over-year gain.
During the quarter, Covenant repurchased 1.6 million shares of outstanding common stock at an average price of $22.69 per share, amounting to $35.2 million of the company’s $50 million stock repurchase program.
“Our 49% equity method investment with Transport Enterprise Leasing contributed pre-tax net income of $4.3 million, or $0.12 per share, roughly in line with the prior year quarter’s results of $4.1 million,” Parker said.
Covenant will hold a conference call to discuss results with analysts at 10 a.m. Thursday.
Covenant Logistics GroupQ2/25Q2/24Y/Y% ChangeTotal revenue$302.9M$287.5M5%Truckload combined:Revenue$199.6M$201.5M(1%)Freight revenue (ex fuel)$173.4M$170.8M2%Revenue per total mile$2.52$2.386%Revenue per tractor per week$5,543$5,726(3%)Managed freight:Revenue$77.6M$60.428%Adjusted operating income$4.2M$3.6M17%Expedited freight:Revenue (ex fuel)$97.3M$108M(6%)Adjusted operating income$5.1M$5.3M(4%)Adjusted earnings per share$0.45$0.52(16%)Covenant Logistics Group key second quarter performance indicators.
