Trade Covenant Logistics Group Inc - CVLG CFD

Covenant Logistics Group, Inc. Company profile

About Covenant Logistics Group Inc

Covenant Logistics Group, Inc. is a provider of freight transportation, primarily using two-person driver teams in transcontinental lanes. The Company operates through four segments: Expedited, Dedicated, Managed Freight, and Warehousing. The Expedited segment primarily provides truckload services to customers with service freight and delivery standards, such as 1,000 miles in 22 hours, or 15-minute delivery windows. Its Dedicated segment provides customers with truckload capacity over contracted periods with three to five years in length. The Managed Freight includes its brokerage and transport management services (TMS). Brokerage services provide logistics capacity by outsourcing the carriage of customers’ freight to third parties. The Warehousing segment provides day-to-day warehouse management services to customers. It also provides shuttle and switching services related to shuttling containers and trailers in or around freight yards and to/from warehouses.

Financial summary

BRIEF: For the fiscal year ended 31 December 2021, Covenant Logistics Group Inc revenues increased 25% to $1.05B. Net income before extraordinary items totaled $58.2M vs. loss of $14.1M. Revenues reflect Freight Revenue increase of 22% to $949.9M, Fuel surcharge revenue increase of 54% to $96.1M. Net Income reflects Expedited segment income totaling $33.1M vs. loss of $7M, Managed Freight segment income increase from $4.5M to $32.5M.

Equity composition

Common Class A $.01 Par, 12/10, 20M auth., 13,469,090 issd., less 1,278,408 shs. in Treas. @ $16.8M. Insiders own 30.95%. PO 10/94, 3.8M shs @ $16.50 by Wertheim Schroder & Co. PO 6/98, 2.5M shs (1.54M by Co.) @ $19 by BT Alex Brown. 6/07, Name changed from Covenant Transportation Group, Inc. Common Class B $0.01 Par, 5M auth., 2,350,000