Covenant Transport braces for lower earnings

Covenant Transport Inc, a Chattanooga TN-based truckload carrier and owner of Southern Refrigerated Transport of Ashdown AR, said it anticipates earnings for the quarter to be lower than Nasdaq's predictions.

According to estimates published by Nasdaq, the range of analysts' estimates for the second quarter is 22 to 33 cents per share. Covenant, however, said its earnings will range from 18 to 22 cents per share.

Earnings for the second quarter of 2002 were 21 cents per share.

Covenant said its earnings will be affected by softer-than-expected freight demand, which impacted tractor productivity and non-revenue miles.