Covenant Transportation (CVTI) Misses Q1 EPS by 18c
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Net income (loss): 2.87M
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Covenant Transportation (NASDAQ: CVTI) reported Q1 EPS of $0.12, $0.18 worse than the analyst estimate of $0.30. Revenue for the quarter came in at $177.6 million versus the consensus estimate of $176.9 million.
Operating income of $5.6 million and an operating ratio of 96.1%, compared with operating income of $5.9 million and an operating ratio of 95.6% in the third quarter of 2013. Operating income for the 2014 quarter included a previously announced $7.5 million reserve for an adverse judgment in September 2014 stemming from a cargo loss in 2008. This reserve unfavorably impacted operating ratio by approximately 530 basis points. Operating ratio is defined as: total operating expenses minus fuel surcharge revenue, divided by freight revenue.
For earnings history and earnings-related data on Covenant Transportation (CVTI) click here.
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