Covenant Transportation Sees Q3 Earnings Above Estimates

(RTTNews) - Covenant Transportation Group Inc (CVTI) said Thursday it expects to report third-quarter net earnings of $0.05 to $0.11 per share and adjusted earnings of $0.35 to $0.40 per share.

The company said adjusted earnings guidance excludes $0.29 to $0.33 per share related to an adverse judgment over a 2008 cargo claim which the company disclosed recently.

Analysts polled by Thomson Reuters estimate earnings of $0.22 per share for the quarter. Analysts' estimates typically exclude special items.

The company said adjusted earnings benefited from higher freight revenue per tractor in asset-based business and lower fuel costs, partly offset by higher salaries.