Covenant posts 4Q net loss on lower revenue

Looks like they will be downsizing by more then 200 trucks

 

Here's the latest scuttlebutt from Covenant: The ship is going down. I work for SRT, which, along with Star Transport and Covenant Transport, are all owned by the same conglomerate - Covenant Transport Group.

Anyway, My husband and I were on one of the Covenant yards getting our truck serviced, and what we heard from a couple of Cov drivers is that one of the head honchos of Cov embezzled a bunch of dough and decamped post haste. He left the company high and dry and so broke they are depending on another company to help keep them in fuel.

Course, this is all coming from the driver's rumor mill, so take it with a grain of salt. We're just hoping that if Covenant goes down it won't take SRT with it.

 

Covenant has not shown a quarterly profit since the third quarter of 2006, and that was only one penny per share. How they keep operating is beyond me.