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Covenant Transport Expects to Report Fourth-Quarter Loss
Truckload carrier Covenant Transport said it expects to report a net loss between 5 cents and 10 cents a share for the fourth quarter.
“The main factor affecting the quarter was the lack of the normal peak shipping season,” said David Parker, Covenant’s chairman and chief executive officer. The company earned $4.4 million, or 32 cents a share, in the final three months of 2005.Parker said that while freight revenue per mile would rise about 1% from the third quarter, it would decline about 2% from the previous fourth quarter.The carrier, ranked No. 37 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers, will release its earnings on Thursday.
