Covenant Transportation: 4Q Earnings Snapshot
CHATTANOOGA, Tenn. (AP) _ Covenant Transportation Group Inc. (CVTI) on Wednesday reported fourth-quarter profit of $16.5 million.
The Chattanooga, Tennessee-based company said it had net income of 89 cents per share. Earnings, adjusted for one-time gains and costs, were 92 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 76 cents per share.
The truckload transportation services provider posted revenue of $272.3 million in the period.
For the year, the company reported profit of $42.5 million, or $2.30 per share. Revenue was reported as $885.5 million.
Covenant Transportation shares have risen 17 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $22.38, a decline of 21 percent in the last 12 months.