Covenant Q2 EPS $0.91, adj $1.07; revenue $274M (-14% YoY); acquired Lew Thompson for $100M; net debt $187M

COVENANT LOGISTICS GROUP, INC.

2023-Q2 EPS reported $2.10 revenue$540,867,000

Diluted GAAP EPS of $0.91 vs $1.56 YoY; adjusted EPS $1.07 vs $1.63; net income $12.3M vs $24.5M.
Total revenue $274.0M, down 13.7% from $317.4M; freight revenue ex-fuel $243.7M, down 8.7%.
Acquired Lew Thompson and Son for $100M on April 26; added ~144 weighted avg tractors to Dedicated segment.
Net indebtedness rose to $187.2M from $46.4M at Dec 31, 2022 due to acquisition, share buybacks ($25.3M), and capex.
Managed Freight segment revenue down 21.2%; operating income down 76% due to lower overflow freight volumes.

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