Covenant Transportation reports Q1 EPS 24c, consensus 21c
Reports Q1 revenue $219.2M, consensus $227.93M. Chairman and Chief Executive Officer, David R. Parker, commented: "The freight environment deteriorated compared with the environment in the 2018 period due to both supply and demand factors. We attribute the softer demand to factors such as lower economic activity, overstocking of inventories, the partial government shutdown's impact on early first quarter consumer and governmental spending, and extended periods of inclement weather. From the supply side, growth in industry-wide truckload capacity was small but made an impact when combined with lower volumes. The April freight environment has improved sequentially from the first quarter, but remains well below the level we experienced in 2018."