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NEW YORK - Covenant Logistics Group, Inc. (NYSE:CVLG) reported fourth quarter earnings that met expectations but fell short on revenue, sending shares down 3.3% in after-hours trading Thursday.
The trucking and logistics company posted adjusted earnings per share of $0.49, in line with analyst estimates. However, revenue came in at $277.3 million, missing the consensus forecast of $292.2 million.
Total (EPA:TTEF) revenue increased 1.2% year-over-year to $277.3 million. Freight revenue, excluding fuel surcharges, rose 4.6% to $251.1 million compared to the same quarter last year.
The company's Dedicated segment saw strong growth, with freight revenue increasing 22.4% YoY to $80.7 million. However, this was offset by declines in other segments, including a 4.3% drop in Managed Freight revenue to $62.3 million.
"We are pleased to report fourth quarter adjusted earnings of $0.49 per diluted share," said Chairman and CEO David R. Parker. "These results mark the end of another successful year despite a challenging general freight environment."
Parker noted that the Dedicated segment's profitability fell short of expectations due to temporary customer shutdowns and higher costs. However, the asset-light segments outperformed expectations.
For the full year 2024, Covenant Logistics reported adjusted earnings per share of $1.98 on revenue of $1.13 billion.
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