secwatch.observer — SEC 8-K summary
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Issuer:     COVENANT LOGISTICS GROUP, INC. (CVLG)
CIK:        0000928658
Form:       8-K
Filed at:   2023-04-27T23:59:59+00:00
Accession:  0001008886-23-000057
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/928658/000100888623000057/0001008886-23-000057-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/928658/000100888623000057/form8k.htm
  HTML page:      https://secwatch.observer/filing/0001008886-23-000057

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer