Covenant Logistics Group, Inc. Class A (CVLG) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to today's Covenant Logistics Group Q2 2025 earnings release and investor 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. Good morning everyone and welcome to the Covenant Logistics Group's second quarter 2025 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 ask A to revise any forward-looking statements. Our prepared comments and additional financial information are available on our website at .covenantlogistics.com slash investors. Joining me today are CEO David Parker, President Paul Bunn, and COO Dustin Cale. Revenue rebounded during the second quarter to a new record high thanks to growing our dedicated fleet, strong new business awards and managed trade, small acquisition, and receding impact of weather and avian influenza. However, margins remain compressed, particularly in our asset-based workload segments, due to an inflationary cost environment, persistently high claims expense, a quarter-end jump in fuel prices, and continued pressure on volume and yields in our expedited and legacy dedicated segments. During the quarter, we repurchased approximately 1.6 million shares, or .7% of the average diluted shares outstanding for a total cost of $35.2 million. The average price per share we purchased was $22.69. Approximately $13.8 million remains available under our $50 milli...