enant Logistics (US:CVLG)2025-04-23 20:50Financial Performance - First quarter earnings were $0.24 per diluted share, with adjusted earnings per diluted share at $0.32, a decrease from $0.42 in Q1 2024 [3]. - Total revenue for Q1 2025 was $269.4 million, down 3.0% from $278.8 million in Q1 2024 [4]. - Freight revenue, excluding fuel surcharge, decreased to $243.2 million, a decline of 1.9% compared to $247.7 million in the prior year [4]. - Net income for Q1 2025 was $6.563 million, up from $3.974 million in Q1 2024, representing a 65.5% increase [27]. - Basic earnings per share increased to $0.25 in Q1 2025 from $0.15 in Q1 2024, a rise of 66.7% [27]. - Operating income improved to $7.627 million in Q1 2025, compared to $4.335 million in Q1 2024, marking a 76.5% increase [27]. - Adjusted EPS for Q1 2025 was $0.32, compared to $0.42 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 $3.1 million [12]. - Warehousing segment freight revenue fell by 6.0% to $24.0 million, with operating income decreasing to $1.0 million from $2.0 million [14]. - Dedicated truckload segment revenue increased by 13.1% to $82.080 million from $72.595 million year-over-year [28]. - Managed freight revenue decreased by 9.6% to $56.850 million from $62.917 million in the previous year [28]. - Fuel surcharge revenue fell by 15.9% to $26.136 million compared to $31.078 million in Q1 2024 [27]. Operating Metrics - Total operating expenses decreased to $261.728 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 $2.98 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 $50 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 $225.4 million as of March 31, 2025 [15]. - Total assets decreased to $979,969,000 as of March 31, 2025, from $997,768,000 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].