Covenant Transportation Group, Inc. Announces Financial Results for the Fourth Quarter Ended December 31, 2016
January 26, 2017 at 02:31 am IST
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Covenant Transportation Group, Inc. announced financial results for the fourth quarter ended December 31, 2016. Total revenue of $191.0 million, a decrease of 8.2% compared with the fourth quarter of 2015. Operating income of $12.3 million and an operating ratio of 92.9%, compared with operating income of $24.3 million and an operating ratio of 87.3% in the fourth quarter of 2015. Net income of $6.0 million or $0.33 per diluted share compared with net income of $13.2 million or $0.73 per diluted share in the fourth quarter of 2015. Income before income taxes was $10.800 million against $22.703 million a year ago.
For the year, the company reported total revenues were $670.651 million against $724.240 million a year ago. Operating income was $32.447 million against $67.782 million a year ago. Income before income taxes was $27.221 million against $63.907 million a year ago. Net income was $16.835 million or $0.92 diluted per share against $42.085 million or $2.30 diluted per share a year ago.
Covenant Logistics Group, Inc., through its subsidiaries, offers a portfolio of transportation and logistics services to customers throughout the United States. The Companyâs primary services include asset-based expedited and dedicated truckload capacity, as well as asset-light warehousing, transportation management and freight brokerage capability. Its asset-based transportation services include two segments: Expedited and Dedicated. The Expedited segment primarily provides truckload services to customers. The Dedicated segment provides customers with committed truckload capacity over contracted periods. The Managed Freight segment includes its brokerage services and transportation management services (TMS). The Warehousing segment provides day-to-day warehouse management services for customers who have chosen to outsource this function. It also provides shuttle and switching services related to shuttling containers and trailers in or around freight yards and to/from warehouses.
COVENANT LOGISTICS GROUP, INC. 
