Covenant Transport Takes Loss for Fourth Quarter, Full Year
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Covenant Transport late Thursday reported a fourth-quarter loss of $894,000 or 6 cents a share, compared with a profit of $4 million or 28 cents a year earlier.
Chairman and Chief Executive Officer David Parker reiterated the company's statement from earlier this month that it would take a loss for the quarter primarily because of the lack of a strong peak shipping season late last year. (Click here for previous coverage.)"Demand during the quarter was much less than expected, especially when compared to the strong fourth quarter of 2005," Parker said in a statement.The truckload carrier’s fourth-quarter revenue rose 4.4% to $186.3 million. Freight revenue excluding fuel surcharges rose 7.3% to $159.3 million.For the full year, Covenant lost $1.4 million or 10 cents a share, compared with net earnings of $5.2 million or 37 cents in 2005. Revenue rose 6.3% to $683.6 million.Covenant is ranked No. 37 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
Covenant Transport late Thursday reported a fourth-quarter loss of $894,000 or 6 cents a share, compared with a profit of $4 million or 28 cents a year earlier.
Chairman and Chief Executive Officer David Parker reiterated the company's statement from earlier this month that it would take a loss for the quarter primarily because of the lack of a strong peak shipping season late last year. (Click here for previous coverage.)"Demand during the quarter was much less than expected, especially when compared to the strong fourth quarter of 2005," Parker said in a statement.The truckload carrier’s fourth-quarter revenue rose 4.4% to $186.3 million. Freight revenue excluding fuel surcharges rose 7.3% to $159.3 million.For the full year, Covenant lost $1.4 million or 10 cents a share, compared with net earnings of $5.2 million or 37 cents in 2005. Revenue rose 6.3% to $683.6 million.Covenant is ranked No. 37 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
