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enant Logistics (CVLG) - 2025 Q1 - Quarterly Results
CVLGenant Logistics (CVLG)2025-04-23 20:50
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Financial Performance - First quarter earnings were 0.24perdilutedshare,withadjustedearningsperdilutedshareat0.24 per diluted share, with adjusted earnings per diluted share at 0.32, a decrease from 0.42inQ12024[3].−TotalrevenueforQ12025was0.42 in Q1 2024 [3]. - Total revenue for Q1 2025 was 269.4 million, down 3.0% from 278.8millioninQ12024[4].−Freightrevenue,excludingfuelsurcharge,decreasedto278.8 million in Q1 2024 [4]. - Freight revenue, excluding fuel surcharge, decreased to 243.2 million, a decline of 1.9% compared to 247.7millionintheprioryear[4].−NetincomeforQ12025was247.7 million in the prior year [4]. - Net income for Q1 2025 was 6.563 million, up from 3.974millioninQ12024,representinga65.53.974 million in Q1 2024, representing a 65.5% increase [27]. - Basic earnings per share increased to 0.25 in Q1 2025 from 0.15inQ12024,ariseof66.70.15 in Q1 2024, a rise of 66.7% [27]. - Operating income improved to 7.627 million in Q1 2025, compared to 4.335millioninQ12024,markinga76.54.335 million in Q1 2024, marking a 76.5% increase [27]. - Adjusted EPS for Q1 2025 was 0.32, compared to 0.42inQ12024,indicatingadecrease[34].RevenueBreakdown−ManagedFreight′sfreightrevenuedecreasedby9.60.42 in Q1 2024, indicating a decrease [34]. Revenue Breakdown - Managed Freight's freight revenue decreased by 9.6% to 56.9 million, but operating income improved by 35.9% to 3.1million[12].−Warehousingsegmentfreightrevenuefellby6.03.1 million [12]. - Warehousing segment freight revenue fell by 6.0% to 24.0 million, with operating income decreasing to 1.0millionfrom1.0 million from 2.0 million [14]. - Dedicated truckload segment revenue increased by 13.1% to 82.080millionfrom82.080 million from 72.595 million year-over-year [28]. - Managed freight revenue decreased by 9.6% to 56.850millionfrom56.850 million from 62.917 million in the previous year [28]. - Fuel surcharge revenue fell by 15.9% to 26.136millioncomparedto26.136 million compared to 31.078 million in Q1 2024 [27]. Operating Metrics - Total operating expenses decreased to 261.728millioninQ12025from261.728 million in Q1 2025 from 274.428 million in Q1 2024, a reduction of 4.6% [27]. - Average freight revenue per loaded mile increased to 2.98inQ12025,up11.22.98 in Q1 2025, up 11.2% from 2.68 in Q1 2024 [29]. - The average miles per tractor per period decreased to 27,521 in Q1 2025, down 11.8% from 31,201 in Q1 2024 [29]. Strategic Initiatives - The company completed a tuck-in acquisition of a multi-stop distribution carrier, expected to enhance equipment utilization and earnings in the Dedicated division [3]. - The company announced a 50millionstockrepurchaseprogramtoreinforceconfidenceinitsfuture[19].−Theoutlookfor2025indicatesapotentialrecoveryinthefreighteconomy,withafocusoncapturingnewdedicatedcontractsandevaluatingacquisitionopportunities[20].−Thecompanyanticipatescontinuedchallengesinthefreightmarketandisfocusedonstrategicgrowthinitiatives[23].BalanceSheetHighlights−Totalindebtednessincreasedby50 million stock repurchase program to reinforce confidence in its future [19]. - The outlook for 2025 indicates a potential recovery in the freight economy, with a focus on capturing new dedicated contracts and evaluating acquisition opportunities [20]. - The company anticipates continued challenges in the freight market and is focused on strategic growth initiatives [23]. Balance Sheet Highlights - Total indebtedness increased by 5.8 million to approximately 225.4millionasofMarch31,2025[15].−Totalassetsdecreasedto225.4 million as of March 31, 2025 [15]. - Total assets decreased to 979,969,000 as of March 31, 2025, from 997,768,000attheendof2024[29].−Totalstockholders′equityincreasedto997,768,000 at the end of 2024 [29]. - Total stockholders' equity increased to 443,644,000 as of March 31, 2025, up from $438,340,000 at the end of 2024 [29]. - The leverage ratio remained stable at 1.65 for both periods [29].