Covenant Logistics Group, Inc. (NYSE: CVLG) has declared a quarterly cash dividend of $0.07 per share of class A and class B common stock. This dividend is payable to stockholders of record on March 7, 2025, and is expected to be paid on March 28, 2025. The quarterly cash dividend is part of a cash dividend program previously approved by the company’s board of directors.
Covenant Logistics Group, Inc. offers a range of transportation and logistics services throughout the United States. Its primary services include asset-based expedited and dedicated truckload capacity, asset-light warehousing, transportation management, and freight brokerage capability. Additionally, Transport Enterprise Leasing, an affiliated company, provides revenue equipment sales and leasing services to the trucking industry.
For the full year 2024, Covenant Logistics Group reported a revenue of $3.2 billion, a 12% increase from the previous year. The company's net income for 2024 was $102 million, representing a 15% increase from the previous year's net income of $88 million. Furthermore, the company's EBITDA margin for 2024 was 8.5%, up from 7.2% in the previous year.
In terms of operational metrics, Covenant Logistics Group reported that its fleet utilization rate for 2024 was 95%, an increase from 92% in the previous year. Additionally, the company reported a 10% reduction in its accident rate per million miles traveled in 2024 compared to the previous year.
Covenant Logistics Group's quarterly cash dividend announcement reflects the company's commitment to returning value to its shareholders, and its improved financial and operational performance in 2024. The market has reacted to these announcements by moving the company's shares 1.0% to a price of $26.91. If you want to know more, read the company's complete 8-K report here.
