Covenant Logistics reports Q2 adjusted EPS 45c, consensus 42c

Reports Q2 revenue $302.85M, consensus $283.46M. Chairman and CEO, David Parker, commented: “We are pleased to report second quarter earnings of $0.36 per diluted share or $0.45 per diluted share on a non-GAAP adjusted basis. 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. 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. As the general freight market improves, we believe we are well positioned to capitalize on opportunities that improve margin and return on capital. We are also pleased to announce that during the quarter we were successful in repurchasing approximately 1.6 million shares of outstanding common stock at an average price of approximately $22.69 per share, amounting to $35.2 million of our $50.0 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.”