Covenant Transportation Group, Inc., announced financial and operating results for the third quarter ended September 30, 2018.
Highlights for the quarter included the following:
Total revenue of $243.3 million, an increase of 36.2% compared with the third quarter of 2017.
Freight revenue of $214.6 million (excludes revenue from fuel surcharges), an increase of 34.6% compared with the third quarter of 2017.
Operating income of $16.2 million and an operating ratio of 93.3%. Adjusted operating income(2) of $16.9 million and an adjusted operating ratio(2) of 92.1%. This compares with operating income of $9.0 million and an operating ratio of 94.9% in the third quarter of 2017.
Net income of $11.6 million, or earnings per diluted share of $0.63. Adjusted net income(2) of $12.1 million, or adjusted earnings per diluted share(2) of $0.66. This compares with net income of $4.6 million, or $0.25 per diluted share in the third quarter of 2017.
For further information contact:
Richard B. Cribbs, Executive Vice President and Chief Financial Officer, RCribbs@covenanttransport.com
For copies of Company information contact:
Kim Perry, Administrative Assistant, KPerry@covenanttransport.com
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