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25 November, 2017 13:26 IST
Covenant Transportation Group first-quarter earnings plunge by 89.20 percent on a YOY basis
Source: IRIS | 21 Apr, 2017, 05.29PM

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Covenant Transportation Group Inc (CVTI) has reported an 89.20 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $0.47 million, or $0.03 a share in the quarter, compared with $4.35 million, or $0.24 a share for the same period last year.      

Revenue during the quarter went up marginally by 1.54 percent to $158.74 million from $156.34 million in the previous year period. Gross margin for the quarter contracted 144 basis points over the previous year period to 76.18 percent. Total expenses were 99.24 percent of quarterly revenues, up from 95.26 percent for the same period last year. That has resulted in a contraction of 398 basis points in operating margin to 0.76 percent.

Operating income for the quarter was $1.21 million, compared with $7.42 million in the previous year period.

chairman, and chief executive officer, David R. Parker, made the following comments: “Freight demand was moderate during the quarter, and our industry continued to have excess capacity available in advance of the scheduled implementation and enforcement of the electronic logging mandate in December 2017. Many shippers engaged in bid processes as a means to lower upward pressure on their freight rates before any meaningful tightening of capacity. In this environment, we were pleased to raise our yield slightly through eliminating non-revenue miles and allocating our equipment more effectively. We intend to continue to pursue these tactics in advance of a supply-demand relationship that we expect to be more favorable in the second half of 2017 and beyond. From a cost perspective, our margins were pressured across nearly all fronts other than net fuel expense, as we continued to invest in our people, equipment, and technologies."

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