Covenant Logistics Group, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2021
January 26, 2022 at 09:05 pm
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Covenant Logistics Group, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2021. For the fourth quarter, the company reported revenue was USD 294.23 million compared to USD 225.23 million a year ago. Net income was USD 17.73 million compared to net loss of USD 25.67 million a year ago. Basic earnings per share from continuing operations was USD 1.06 compared to USD 0.43 a year ago. Diluted earnings per share from continuing operations was USD 1.05 compared to USD 0.43 a year ago. Basic earnings per share was USD 1.06 compared to basic loss per share of USD 1.5 a year ago. Diluted earnings per share was USD 1.05 compared to diluted loss per share of USD 1.5 a year ago.
For the full year, revenue was USD 1,046 million compared to USD 838.56 million a year ago. Net income was USD 60.73 million compared to net loss of USD 42.72 million a year ago. Basic earnings per share from continuing operations was USD 3.46 compared to basic loss per share from continuing operations of USD 0.81 a year ago. Diluted earnings per share from continuing operations was USD 3.42 compared to diluted loss per share from continuing operations of USD 0.81 a year ago. Basic earnings per share was USD 3.61 compared to basic loss per share of USD 2.46 a year ago. Diluted earnings per share was USD 3.57 compared to diluted loss per share of USD 2.46 a year ago.
Covenant Logistics Group, Inc., through its subsidiaries, offers a portfolio of transportation and logistics services to customers throughout the United States. The Companyâs primary services include asset-based expedited and dedicated truckload capacity, as well as asset-light warehousing, transportation management and freight brokerage capability. Its asset-based transportation services include two segments: Expedited and Dedicated. The Expedited segment primarily provides truckload services to customers. The Dedicated segment provides customers with committed truckload capacity over contracted periods. The Managed Freight segment includes its brokerage services and transportation management services (TMS). The Warehousing segment provides day-to-day warehouse management services for customers who have chosen to outsource this function. It also provides shuttle and switching services related to shuttling containers and trailers in or around freight yards and to/from warehouses.