Covenant Logistics Group posted GAAP Q2 earnings of $0.32 per diluted share, down 11.1% from $0.36 a year earlier, on revenue up 9.9% to $332.87 million.
GAAP operating income fell 23.5% to $8.84 million, pushing the operating ratio up 1.1 percentage points to 97.3.
Non-GAAP adjusted diluted EPS slipped 6.7% to $0.42, while adjusted operating income declined 19% to $12.17 million.
Combined Truckload average freight revenue per tractor per week rose 5.9% to $5,870, while weighted average tractors dropped 8.6% to 2,199.
For Q3 2026, management expects a modest sequential increase in EPS as margins improve, partly offset by less TEL gains and tax benefits.
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