Covenant Logistics reports Q2 adjusted EPS $1.04, consensus 98c

Reports Q2 revenue $287.5M, consensus $292.63M. Reports Q2 tangible book value per share $18.64. Paul Bunn, the Company’s President commented on truckload operations, “For the quarter, total revenue in our truckload operations increased 8.7%, to $201.5 million, compared to 2023. The increase in total revenue consisted of $15.5 million more freight revenue and $0.7 million more fuel surcharge revenue. The increase in freight revenue primarily related to operating 191 or 9.1% more average tractors combined with improved freight revenue per total mile, partially offset by a reduction in utilization compared to the prior year.”