CVTI - コヴナント・トランスポ―テ―ション・グル―プ （Covenant Transportation Group Inc.）

Covenant Transportation Group (NASDAQ: CVTI ) sees progress on its strategic plan, which is centered on replacing poorly performing freight, shuttering terminals and trimming its asset-based fleet. The Chattanooga, Tennessee-based truckload (TL) carrier reported a first quarter adjusted net loss of $1.7 million, $0.09 per share, a penny ahead of the consensus estimate. Part of Covenant's organizational refocus is to better allocate capital to higher margin offerings like contract logistics and expedited. In alignment with these efforts, the company plans to reduce its 3,000-unit tractor fleet by 12% to 14% by year-end to improve equipment utilization. A good portion of asset disposals took place in April. The company has also lowered expenses throughout the organization through layoffs, suspending the 401k match and executive salary reductions. Management expects to see relief on several expense lines – salaries, wages and benefits; taxes and licenses; depreciation; communications; maintenance and interest expense – moving forward given the recent actions taken.

Covenant Transportation Group 1st Quarter 2020 Conference Call Mr. Cribbs- Good morning and welcome to our first quarter conference call. Joining me on the call… | May 20, 2020

Covenant Transportation (CVTI) delivered earnings and revenue surprises of 10.00% and 10.48%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?

COVENANT TRANSPORTATION GROUP, INC. ANNOUNCES TIMING OF FIRST QUARTER EARNINGS RELEASE AND CONFERENCE CALL … | May 18, 2020

Covenant Transportation Group (CVTI) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.