Covenant Transportation Group, Inc. reported consolidated earnings and operating results for the fourth quarter and full year ended December 30, 2014. For the quarter, the company reported total revenue of $206.788 million against $176.488 million for the same period last year. Operating income was $24.650 million against $8.877 million for the same period last year. Income before income taxes was $23.155 million against $6.684 million for the same period last year. Net income was $13.545 million or $0.82 per basic and diluted share against $3.339 million or $0.22 per basic and diluted share for the same period last year.

For the year, the company reported total revenue of $718.980 million against $684.549 million for the same period last year. Operating income was $39.646 million against $20.394 million for the same period last year. Income before income taxes was $32.582 million against $12.747 million for the same period last year. Net income was $17.808 million or $1.15 per basic and diluted share against $5.244 million or $0.35 per basic and diluted share for the same period last year. Tangible book value per basic share was $9.34 against $5.53 a year ago.

For the quarter, the company reported average freight revenue per loaded mile of $1.946 against $1.743 for the same period last year. Average freight revenue per total mile was $1.754 against $1.564 for the same period last year. Average freight revenue per tractor per week was $4,300 against $3,568 for the same period last year. Average miles per tractor per period were 32,208 against 29,987 for the same period last year. Weighted average tractors for period were 2,633 against 2,714 for the same period last year. Tractors at end of period were 2,665 against 2,688 at the end of corresponding period last year. Trailers at end of period were 6,722 against 6,861 at the end of corresponding period last year.

For the year, the company reported average freight revenue per loaded mile was $1.772 against $1.656 a year ago. Average freight revenue per total mile was $1.598 against $1.490 a year ago. Average freight revenue per tractor per week was $3,777 against $3,411 for the same period last year. Average miles per tractor per period were 123,275 against 119,375 for the same period last year. Weighted average tractors for period were 2,609 against 2,777 for the same period last year. Tractors at end of period were 2,665 against 2,688 at the end of corresponding period last year. Trailers at end of period were 6,722 against 6,861 at the end of corresponding period last year.

For the first quarter 2015, the company expected to report earnings in the in a range of $0.10 to $0.18 per diluted share, on approximately 18.4 million weighted average shares, generating positive first quarter earnings for the first time since 2004.

The company's outlook for the year 2015 is positive. The company expected average truck count to grow slowly over the course of the year, starting with a slight year-over-year increase in the first quarter of 2015.

For the full year 2015, The company expects earnings per diluted share to increase modestly over 2014, even if adding back the approximately $0.30 per share unfavorable cargo claim reserve adjustment recorded in the third quarter of 2014 and taking into consideration approximately 19.0% more estimated annual weighted average diluted shares. Achieving year-over-year improvements may become more challenging in the second half of the year depending on the level of involvement of asset-based and Solutions subsidiaries in the supply chains of LTL, parcel, and omni-channel shipping customers during the peak freight season.