secwatch.observer — SEC 8-K summary
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Issuer:     COVENANT LOGISTICS GROUP, INC. (CVLG)
CIK:        0000928658
Form:       8-K
Filed at:   2023-07-26T23:59:59+00:00
Accession:  0001008886-23-000191
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/928658/000100888623000191/0001008886-23-000191-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/928658/000100888623000191/form8k.htm
  HTML page:      https://secwatch.observer/filing/0001008886-23-000191

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