Covenant Logistics Q3 EPS $0.99 (adj. $1.13); revenue down 7.4%; warns Q4 hit by cyber attack, UAW strike

COVENANT LOGISTICS GROUP, INC.

2023-Q3 EPS reported $3.09 revenue$829,588,000

Q3 GAAP EPS $0.99 diluted, adjusted EPS $1.13; operating income $15.1M vs $59.1M YoY.
Total revenue $288.7M (-7.4% YoY); freight revenue ex-fuel $253.4M vs $266.6M.
Expedited freight revenue flat; Dedicated down 10.5%; Managed Freight down 11.1%; Warehousing up 14.8%.
Net debt $183.4M (31.8% leverage) vs $46.3M at Dec 2022; $118M acquisitions, $25.3M share repurchases.
Outlook: Q4 revenue/earnings to decline due to cyber attack on major Expedited customer and UAW strike.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

COVENANT LOGISTICS GROUP, INC. reported the third quarter ended September 30, 2023 results: revenue $288,721, net income $13,506, EPS $0.99 per diluted share.

Period: the third quarter ended September 30, 2023
Revenue: $288,721
Net income: $13,506
EPS: $0.99 per diluted share
Result: reported results

Exact text from the filing

third quarter financial performance: Three Months Ended September 30, Nine Months Ended September 30, ($000s, except per share information) 2023 2022 2023 2022 Total Revenue $ 288,721 $ 311,839 $ 829,588 $ 920,801 Freight Revenue, Excludes Fuel Surcharge $ 253,377 $ 266,599 $ 730,503 $ 791,069 Operating Income $ 15,141 $ 59,059 $ 44,556 $ 109,779 Adjusted

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Source: SEC EDGAR

accession 0001008886-23-000217

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