Covenant Transportation Group said its net income increased in the fourth quarter to $3.3 million, or 22 cents a share, from $1.5 million, or 10 cents, in the same quarter in 2012.
Revenue declined 0.6% to $176.5 million, the truckload carrier said Jan. 27. Freight revenue, which excludes revenue from fuel surcharges, increased 0.8% to $140.4 million.
Salaries, wages and related expenses increased about 7 cents a mile due to employee pay adjustments, but they were offset by lower workers’ compensation expense, Covenant said.
Covenant Transport Solutions, the company’s logistics subsidiary, saw an operating income of $697,000, compared with an operating loss of $368,000 in last year’s quarter. Revenue grew 58.6% to $11.6 million.
For all of 2013, net income declined to $5.2 million, or 35 cents per share, from $6.1 million, or 41 cents, in 2012. Full-year freight revenue rose 2.2% to 538.9 million from the year prior.
Covenant Transportation Group is ranked No. 41 on the Transport Topics Top 100 list of U.S. and Canadian for-hire carriers.