Covenant Logistics Group, Inc. (NYSE:CVLG) Q2 2024 Earnings Conference Call July 25, 2024 10:00 AM ET
Company Participants
Tripp Grant - Executive Vice President & Chief Financial Officer
Paul Bunn - President & Chief Operating Officer
David Parker - Founder & Chief Executive Officer
Conference Call Participants
Scott Group - Wolfe Research
Jason Seidl - TD Cowen
Daniel Imbro - Stephens
Jeff Kaufman - Vertical Research Partners
Michael Vermut - Newland Capital
Operator
Welcome to today's Covenant Logistics Group Second Quarter Earnings Release and Investor Conference Call. Our host for today's call is Tripp Grant. At this time, all participants will be in a listen-only mode. Later, we will conduct a question-and -answer session. I would now like to turn the call over to your host, Tripp Grant. You may begin.
Tripp Grant
Thank you. Good morning, everyone, and welcome to the Covenant Logistics Group second quarter 2024 conference call.
As a reminder, this call will contain forward-looking statements under the Private Securities Litigation Reform Act, which are subject to risks and uncertainties that could cause actual results to differ materially. Please review our SEC filings and most recent risk factors. We undertake no obligation to publicly update or revise any forward-looking statements.
A copy of the prepared comments and additional financial information is available on our website at www.covenantlogistics.com\investors.
I am joined on the call today by David Parker and Paul Bunn.
Our core business performed well in the second quarter, overcoming lingering weakness in the overall freight environment. Compared to a year ago, consolidated freight revenue increased by approximately $12.8 million, or 5.3%, to $256.5 million, and adjusted operating income increased by $2.4 million, or 15%, to $18.7 million. The year-over-year increase in freight revenue was primarily derived from growth in average tractor counts within our asset-based truckload segments, consisting of Expedited and Dedicated. The growth in adjusted operating income was principally derived