Falling tractor values hurts Covenant in 1Q
Truckload carrier Covenant Transport had $1.2-million worth of first-quarter earnings wiped out as it took a $900,000 charge to eliminate certain debts and a $2-million charge to cover the declining residual values of its tractor fleet. For the quarter, freight revenue (before fuel and other surcharges) decreased 2% to $129 million, down from $131.3 million in the first quarter of 2001. Despite that