Covenant Logistics Reports Second Quarter Earnings Results for FY2023
August 12, 2023
🌥️Earnings Overview
On July 26 2023, COVENANT LOGISTICS ($NASDAQ:CVLG) reported their earnings results for the second quarter of FY2023, ending June 30 2023. Total revenue for the quarter came to USD 274.0 million, down 13.7% year over year. Net income also decreased substantially by 49.9%, totaling USD 12.3 million.
Price History
The company reported strong results, with their stock opening at $47.7 and closing at $48.8, representing a 2.8% increase from the previous closing price of $47.4. Overall, these results are very encouraging and suggest that COVENANT LOGISTICS is on track to have a successful fiscal year 2023. Investors are optimistic about the company’s future prospects and are expecting further growth in the coming quarters. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Covenant Logistics. More…
| Total Revenues | Net Income | Net Margin |
| 1.15k | 90.92 | 4.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Covenant Logistics. More…
| Operations | Investing | Financing |
| 127.06 | -86.21 | -12.77 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Covenant Logistics. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 764.86 | 393.69 | 28.73 |
Key Ratios Snapshot
Some of the financial key ratios for Covenant Logistics are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 10.0% | 71.1% | 10.6% |
| FCF Margin | ROE | ROA |
| 1.7% | 20.5% | 10.0% |
Analysis
We at GoodWhale conducted a thorough analysis of COVENANT LOGISTICS‘s fundamentals. According to our Risk Rating, COVENANT LOGISTICS is considered to be a medium risk investment in terms of financial and business aspects. However, we have detected two risk warnings in the income sheet and balance sheet. If you are interested in learning more about these warnings, please register with us to check it out. Our team of experts is always available to help you make informed investment decisions. More…
Peers
The trucking industry is highly competitive, with Covenant Logistics Group Inc competing against Saia Inc, Daseke Inc, and USA Truck Inc. All four companies are vying for market share in the highly fragmented trucking industry. The competition is intense, and each company is fighting to gain an edge over the others.
– Saia Inc ($NASDAQ:SAIA)
Saia Inc is a transportation company that operates in the United States and Canada. The company has a market cap of 5.25B as of 2022 and a Return on Equity of 20.97%. Saia Inc provides a variety of transportation services including trucking, logistics, and warehousing. The company has a strong focus on customer service and has a reputation for providing reliable transportation services.
– Daseke Inc ($NASDAQ:DSKE)
Daseke Inc. is one of the largest flatbed and specialized carriers in North America, with a fleet of more than 4,000 trucks and 10,000 trailers. The company has a market cap of $398.81 million and a return on equity of 34.41%. Daseke Inc. provides flatbed and specialized transportation services to a wide range of industries, including construction, energy, agriculture, and automotive. The company has a long history of providing safe and reliable transportation services to its customers.
Summary
Investors looking to understand the performance of COVENANT LOGISTICS in the second quarter of 2023 should note that total revenue decreased 13.7% compared to the same period a year ago, while net income decreased by 49.9%. This could be an indication of a weakening market position or a decline in demand for their services. It is important to consider any potential external factors which may have had an impact on these figures, such as the current economic climate or changes in the industry. Investors should analyze the company further to understand if this is a short-term setback or a more serious issue.
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