Covenant Transportation (CVTI) Tops Q2 EPS by 1c, Beats on Revenues

Covenant Transportation (NASDAQ: CVTI) reported Q2 EPS of $0.08, $0.01 better than the analyst estimate of $0.07. Revenue for the quarter came in at $164.3 million versus the consensus estimate of $159.6 million.

Highlights for the quarter included the following:

• Total revenue of $164.3 million, an increase of 3.5% compared with the second quarter of 2016.
• Freight revenue of $145.6 million (excludes revenue from fuel surcharges), an increase of 0.8% compared with the second quarter of 2016.
• Operating income of $4.0 million and an operating ratio of 97.3%, compared with operating income of $7.3 million and an operating ratio of 94.9% in the second quarter of 2016. Operating ratio is defined as: total operating expenses minus fuel surcharge revenue, divided by freight revenue.
• Net income of $1.5 million, or $0.08 per diluted share, compared with net income of $3.6 million, or $0.20 per diluted share in the second quarter of 2016.

For earnings history and earnings-related data on Covenant Transportation (CVTI) click here.

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