Covenant Logistics Group, Inc. Class A (CVLG) Q3 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to today's Covenant Logistics Group third 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. Tripp you may begin. Thanks Ross. Good morning everyone and welcome to the Covenant Logistics Group third 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 proposed comments and additional financial information is available on our website at www.covenantlogistics.com slash investors. I'm joined on the call today by David Porker and Paul Bunn. We are pleased with our third quarter's results, which benefited from the full quarter effect of the Lou Thompson & Son trucking acquisition in the second quarter reflected in our dedicated segments. In addition, our expedited segment benefited incrementally from the increase in demand for team driver freight as a result of the closure of Yellow. However, more broadly, the overall freight environment remained challenging with few signs of immediate macroeconomic improvement. Compared to a year ago, consolidated freight revenue was down 5%. The decline is primarily attributable to the combination of little to no overflow freight handled by our managed freight segment and a lower tractor count in our dedicated segment. The reduction of tractors assigned to dedicated resulted from exitin...