COVENANT LOGISTICS GROUP INC
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
CVLG$32.65+3.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations
YEARS ENDED DECEMBER 31, **2024, 2023, and 2022
(In thousands, except per share data)
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Revenues | |||
| Freight revenue | $1,013,941 | $970,509 | $1,046,396 |
| Fuel surcharge revenue | 117,535 | 133,064 | 170,462 |
| Total revenue | $1,131,476 | $1,103,573 | $1,216,858 |
| Operating expenses: | |||
| Salaries, wages, and related expenses | 423,319 | 400,491 | 402,276 |
| Fuel expense | 115,981 | 133,291 | 166,410 |
| Operations and maintenance | 61,696 | 63,753 | 79,051 |
| Revenue equipment rentals and purchased transportation | 254,302 | 271,893 | 325,624 |
| Operating taxes and licenses | 11,954 | 13,409 | 11,931 |
| Insurance and claims | 59,845 | 50,099 | 50,547 |
| Communications and utilities | 5,407 | 5,012 | 5,385 |
| General supplies and expenses | 66,053 | 49,444 | 37,762 |
| Depreciation and amortization | 86,529 | 69,943 | 57,512 |
| Loss (gain) on disposition of property and equipment, net | 1,630 | (12,585) | (40,322) |
| Total operating expenses | 1,086,716 | 1,044,750 | 1,096,176 |
| Operating income | 44,760 | 58,823 | 120,682 |
| Interest expense, net | 13,576 | 7,967 | 3,083 |
| Income from equity method investment | (14,713) | (21,384) | (25,193) |
| Income from continuing operations | 45,897 | 72,240 | 142,792 |
| Income tax expense | 10,576 | 17,611 | 34,860 |
| Income from continuing operations | 35,321 | 54,629 | 107,932 |
| Income from discontinued operations, net of tax | 600 | 600 | 750 |
| Net income | $35,921 | $55,229 | $108,682 |
| Basic income per share: | |||
| Income from continuing operations | $1.35 | $2.09 | $3.60 |
| Income from discontinued operations | $0.02 | $0.02 | $0.02 |
| Net income per basic share(1) | $1.37 | $2.12 | $3.62 |
| Diluted income per share: | |||
| Income from continuing operations | $1.28 | $1.97 | $3.48 |
| Income from discontinued operations | $0.02 | $0.02 | $0.02 |
| Net income per diluted share | $1.30 | $2.00 | $3.50 |
| Basic weighted average shares outstanding | 26,307 | 26,096 | 30,012 |
| Diluted weighted average shares outstanding | 27,714 | 27,668 | 31,048 |
| (1) | Total may not sum due to rounding. |
The accompanying notes are an integral part of these consolidated financial statements
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