Covenant Logistics reports Q1 EPS $1.20; acquires Lew Thompson & Son for ~$100M

COVENANT LOGISTICS GROUP, INC.

Q1 diluted EPS $1.20; adjusted EPS $0.93. Revenue $266.9M, down 8.4% YoY.
Operating income $17.6M; adjusted operating income $12.6M. Operating ratio 93.4%.
Acquired Lew Thompson & Son for ~$100M enterprise value plus earnout up to $30M.
Deal funded by $45M cash and $55M ABL borrowings; pro-forma net debt ~$165M.
Acquisition expected to be immediately accretive to diluted EPS.

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 first quarter ended March 31, 2023 results: revenue $ 266,851, net income $ 16,635, EPS $ 1.20.

Period: first quarter ended March 31, 2023
Revenue: $ 266,851
Net income: $ 16,635
EPS: $ 1.20
Result: reported results

Exact text from the filing

the amount of $0.9 million.” A summary of our first quarter financial performance: Three Months Ended March 31, ($000s, except per share information) 2023 2022 Total Revenue $ 266,851 $ 291,585 Freight Revenue, Excludes Fuel Surcharge $ 233,422 $ 257,614 Operating Income $ 17,632 $ 23,847 Adjusted Operating Income (1) $ 12,625 $ 24,435 Operating Ratio 93.4 %

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COVENANT LOGISTICS GROUP, INC. filing history →

Source: SEC EDGAR

accession 0001008886-23-000057

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