8-K
filed January 25, 2023, 6:59 PM ET
ticker CVLG
CIK 0000928658
earnings
confidence high
sentiment neutral
materiality 0.75
Covenant Logistics Q4 EPS $0.81 includes $10M equipment charge; record FY EPS $7.00
COVENANT LOGISTICS GROUP, INC.
2022-FY EPS reported
$7.00
revenue$1,216,858,000
- Q4 GAAP EPS $0.81 vs $1.05; adjusted EPS $1.37 vs $1.07. Revenue $296M, freight revenue $255M.
- Q4 operating income $10.9M; adjusted $22.0M. Includes $7.5M lease abandonment and $2.5M excess equipment expense.
- Full year EPS $7.00 (record); adjusted $5.84. Freight revenue over $1B; ROIC 15.3%.
- Expedited segment revenue +25.9% (FEMA/AAT). Dedicated -4.7% (exited unprofitable). Managed Freight -29.6%. Warehousing +31%.
- Net debt $46.4M (10.9% cap). 2023 net capex guided $75-85M; management expects difficult H1 freight market.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
COVENANT LOGISTICS GROUP, INC. reported the fourth quarter ended December 31, 2022 results: revenue $ 296,057, net income $ 11,504, EPS $ 0.81.
- Period
- the fourth quarter ended December 31, 2022
- Revenue
- $ 296,057
- Net income
- $ 11,504
- EPS
- $ 0.81
- Result
- reported results
Exact text from the filing
Total Revenue $ 296,057 $ 294,228 $ 1,216,858 $ 1,046,003 Freight Revenue, Excludes Fuel Surcharge $ 255,327 $ 267,022 $ 1,046,396 $ 949,913 Operating Income $ 10,904 $ 18,237 $ 120,682 $ 67,162 Adjusted Operating Income (1) $ 22,010 $ 18,824 $ 97,244 $ 71,205 Operating Ratio 96.3 % 93.8 % 90.1 % 93.6 % Adjusted Operating Ratio (1) 91.4 % 93.0 % 90.7 % 92.5 % Net Income $ 11,504 $ 17,732 $ 108,682 $ 60,731 Adjusted Net Income (1) $ 19,522 $ 18,169 $ 90,543 $ 61,287 Earnings per Diluted Share $ 0.81 $ 1.05 $ 7.00 $ 3.57
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
COVENANT LOGISTICS GROUP, INC. reported the year ended December 31, 2022 results: revenue $ 1,216,858, net income $ 108,682, EPS $ 7.00.
- Period
- the year ended December 31, 2022
- Revenue
- $ 1,216,858
- Net income
- $ 108,682
- EPS
- $ 7.00
- Result
- reported results
Exact text from the filing
Total Revenue $ 296,057 $ 294,228 $ 1,216,858 $ 1,046,003 Freight Revenue, Excludes Fuel Surcharge $ 255,327 $ 267,022 $ 1,046,396 $ 949,913 Operating Income $ 10,904 $ 18,237 $ 120,682 $ 67,162 Adjusted Operating Income (1) $ 22,010 $ 18,824 $ 97,244 $ 71,205 Operating Ratio 96.3 % 93.8 % 90.1 % 93.6 % Adjusted Operating Ratio (1) 91.4 % 93.0 % 90.7 % 92.5 % Net Income $ 11,504 $ 17,732 $ 108,682 $ 60,731 Adjusted Net Income (1) $ 19,522 $ 18,169 $ 90,543 $ 61,287 Earnings per Diluted Share $ 0.81 $ 1.05 $ 7.00 $ 3.57
View on SEC.gov
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