Yahoo Finance Covenant Logistics (CVLG) Reports Earnings Tomorrow: What To Expect
Freight and logistics provider Covenant Logistics (NASDAQ:CVLG) will be reporting earnings tomorrow after market hours. Here's what to look for.
Covenant Logistics met analysts' revenue expectations last quarter, reporting revenues of $278.8 million, up 4.5% year on year. It was a very strong quarter for the company, with an impressive beat of analysts' Freight revenue revenue estimates and a decent beat of analysts' earnings estimates.
Is Covenant Logistics a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting Covenant Logistics's revenue to grow 9.3% year on year to $299.4 million, a reversal from the 13.7% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.99 per share.
Heading into earnings, analysts covering the company have grown increasingly bearish with revenue estimates seeing 1 downward revisions over the last 30 days. Covenant Logistics has missed Wall Street's revenue estimates twice over the last two years.
Looking at Covenant Logistics's peers in the transportation and logistics segment, only FedEx has reported results so far. It met analysts' revenue estimates and delivered flat year-on-year revenue. The stock traded up 15.5% on the results.
Read our full analysis of FedEx's earnings results here.
There has been positive sentiment among investors in the transportation and logistics segment, with share prices up 6.5% on average over the last month. Covenant Logistics is up 6.8% during the same time and is heading into earnings with an average analyst price target of $67 (compared to the current share price of $51.24).
When a company has more cash than it knows what to do with, buying back its own shares can make a lot of sense–as long as the price is right. Luckily, we’ve found one, a low-priced stock that is gushing free cash flow AND buying back shares. Click here to claim your Special Free Report on a fallen angel growth story that is already recovering from a setback.
