Covenant Logistics Group, Inc. (NASDAQ:CVLG) Q1 2022 Earnings Conference Call April 28, 2022 10:00 AM ET
Company Participants
Joey Hogan - President & Principal Financial Officer
Paul Bunn - Chief Operating Officer
Conference Call Participants
Scott Group - Wolfe Research
Jack Atkins - Stephens
Jason Seidl - Cowen
Bert Subin - Stifel
Operator
Welcome to today's Covenant Logistics Group Q1 2022 Earnings Release and Investor Conference Call. Our host for today's call is Joey Hogan. 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, Mr. Hogan, you may begin.
Joey Hogan
Thank you, Ross. Welcome everybody to the Covenant's Logistics Group first quarter conference call. As a reminder, this conference call will contain forward-looking statements, within the meeting of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risk and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements.
Please review our disclosures with the SEC, including, without limitation, risk factors and our most recent Form 10-K and our current recent Form 10-Qs. We undertake no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.
The copy of our prepared comments and additional financial information is available on our website at covenantlogistics.com in the investor section. I'm joined this morning by Paul Bunn, our Chief Operating Officer and Tripp Grant, our Chief Accounting Officer; and David Parker is available via the phone.
In summary, we're very proud and pleased with our first quarter results, which represent yet another quarterly earnings record for any quarter in the company history. In addition, it's the first time in our history where our first quarter earnings were greater sequentially than the fourth quarter.
This is exciting achievement could not have been accomplished without the contribution from each of our business units. All business units improved it's OR versus the fourth quarter.
The small acquisition we made in February, combined with a purchase of 655,000 shares at an average price of $22.60 under our share repurchase program, produced earnings accretion to the quarter and is expected to continue.
With this strong start to the year and the hard work of our team transforming our business to a less cyclical model, we are confident that we will exceed 2021's full-year adjusted earnings per share for the full year of 2022, absent something truly unexpected.