Covenant Transportation (CVTI) Misses Q1 EPS by 2c, Revenue Beats
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Covenant Transportation (NASDAQ: CVTI) reported Q1 EPS of ($0.12), $0.02 worse than the analyst estimate of ($0.10). Revenue for the quarter came in at $213.6 million versus the consensus estimate of $199.27 million.
Outlook
Mr. Parker concluded, “We are encouraged by the initial positive results of our strategic plan execution and structural advancements, as an improved business mix and our cost control efforts offset the impact of a challenging volume and pricing environment in April. However, we expect volatility from month to month over the remainder of the year due to external factors as well as gains and losses associated with our internal initiatives and changes in our revenue and cost structure. Accordingly, our prior outlook for 2020 is no longer applicable and we do not expect to provide earnings or similar expectations for the foreseeable future. In the near term, we are well-prepared in to support our partner-customers as their productivity, the economy and business levels return to normal. Over the longer term, we believe the influential structural improvements and strategic initiatives we are executing will strengthen our position in the U.S. logistics industry, de-risk our leverage profile, and concentrate our less-cyclical business model on more sustainable, higher margin sectors where we can add considerably greater value to our partner-customers and for our stakeholders.”
For earnings history and earnings-related data on Covenant Transportation (CVTI) click here.
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