Covenant Transport

Covenant Logistics unveils a strategic realignment: the company will prioritize capital efficiency, free cash flow and specialized niche markets such as ammunition transport and live poultry rather than pure long-haul trucking. It reports annual revenue of over $1 billion, a normalized EBITDA of about $150 million and debt of roughly $280 million, and is concentrating on decommissioning underperforming units and pursuing selective acquisitions. The fleet has been reduced to around 2,200 tractor units; future growth will come mainly from dedicated fleets and specialized segments. CAPEX is expected at about $60 million for 2026 and $80–90 million for 2027. » More on de.investing.com

The Covenant Logistics Group amended severance agreements for M. Paul Bunn, James "Tripp" Grant, Dustin Koehl and Joey Ballard, according to an SEC filing: if they provide written notice of retirement or voluntary departure at least 18 months in advance, they will receive six months' salary continuation and six months of COBRA reimbursement, provided they remain employed during the notice period and sign, among other things, a general release and a 12-month non-compete. Previously, the agreements did not provide benefits for retirement or voluntary departures; provisions for change in control or termination-related payments remain unchanged. The company also reported mixed Q2 results: adjusted earnings $0.42 per share (as expected) and revenue $332.87 million (below guidance). » More on de.investing.com

Covenant Logistics has, according to an SEC filing, amended the severance agreements for M. Paul Bunn, James “Tripp” Grant, Dustin Koehl and Joey Ballard. The amendments provide six months’ salary continuation and reimbursement of COBRA health insurance contributions for six months if the executives give at least 18 months’ prior written notice of retirement or voluntary resignation. The benefits are contingent on continued employment, signing a release, and a 12‑month non‑compete clause; change‑in‑control provisions remain unchanged. » More on de.investing.com