Covenant Transportation: 2Q Earnings Snapshot
CHATTANOOGA, Tenn. (AP) _ Covenant Transportation Group Inc. (CVTI) on Wednesday reported second-quarter net income of $6.1 million.
The Chattanooga, Tennessee-based company said it had net income of 33 cents per share. Earnings, adjusted for one-time gains and costs, were 35 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.
The truckload transportation services provider posted revenue of $219.3 million in the period.
Covenant Transportation shares have dropped 21% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $15.25, a decrease of 46% in the last 12 months.