2024-01-24 10:28:04 ET
Covenant Logistics Group, Inc. (CVLG)
Q4 2023 Earnings Conference Call
January 24, 2024 09:00 AM ET
Company Participants
Tripp Grant - Executive Vice President & Chief Financial Officer
Paul Bunn - President & Chief Operating Officer
David Parker - Founder & Chief Executive Officer
Conference Call Participants
Jason Seidl - TD Cowen
Scott Group - Wolfe Research
Jack Atkins - Stephens
Michael Vermut - Newland Capital
Barry Haimes - Sage Asset Management
Jeffrey Kauffman - Vertical Research Partners
Presentation
Operator
Welcome to today's Covenant Logistics Group Fourth Quarter Earnings Release Conference Call. Our host for today's call is Tripp Grant. At this time, all participants will be in a listen-only mode. Later, we will conduct a question-and-answer session.
I would now like to turn the call over to your host. Mr. Grant, you may begin.
Tripp Grant
Good morning, everyone, and welcome to the Covenant Logistics Group's fourth quarter 2023 conference call. As a reminder, this call will contain forward-looking statements under the Private Securities Litigation Reform Act, which are subject to risks and uncertainties that could cause actual results to differ materially.
Please review our SEC filings and most recent risk factors. We undertake no obligation to publicly update or revise any forward-looking statements. A copy of the prepared comments or additional financial information is available on our website at www.covenantlogistics.com/investors.
I'm joined on the call today by David Parker, and Paul Bunn. Before we address the fourth quarter's results, I'd like to take a moment to reflect on the year as a whole. As challenging as it was, 2023 was a pivotal year for Covenant. We were able to demonstrate the durability of our improved business model by achieving the second-best adjusted earnings per share in company history while setting the stage for future growth and improvement through the accretive acquisitions of Lew Thompson and Son Trucking and Sims Transport. These achievements would not have been possible without the commitment from our talented people and many years of planning, execution and collaborative teamwork.
As we enter 2024, we do so with a resolved commitment to forward progress on our strategic long-term plan and improving upon these results in the future. Focusing now on the quarter, we were pleased with our fourth quarter's results despite the lingering weakness in the overall freight environment.
Compared to a year ago, consolidated freight revenue was down approximately $15.3 million or 6% primarily as a result of year-over-year tractor count and rate declines in our asset-based truckload businesses, combined with little to no overflow freight handled by our asset-light Managed Freight segment, partially offset by improved utilization of our assets....
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Covenant Logistics Group, Inc. (CVLG) Q4 2023 Earnings Call Transcript