Tontitown-based carrier P.A.M. Transportation Services Inc. posted record revenue and operating results in the third quarter as it improved at navigating customer disruptions.
After the markets closed Thursday (Oct. 14), the carrier reported net income increased by 255.9% to $21.4 million, or $1.87 per share, in the third quarter, from $6 million, or 52 cents per share, in the same period in 2020. Revenue rose 50.1% to $183.1 million, from $121.9 million.
Through the first three quarters of 2021, earnings increased by 1,163% to $48.6 million, or $4.24 per share, from $3.9 million, or 34 cents per share, in the same period in 2020. Over the same period, revenue rose by 43.3% to $493.2 million, from $344.1 million.
“We have had another record quarter for revenue and operating statistics at PAM,” President Joe Vitiritto said. “I am excited to see the work that continues to go in to making PAM into what our customers and employees expect from a growing transportation company. Our driving associates deserve a lot of respect for the job they continue to do, given all the supply chain challenges our industry has experienced. We couldn’t be doing this without them.
“We continued to see significant disruptions from some of our biggest customers in the third quarter, and it accelerated quarter over quarter. But we are getting better at navigating the disruptions and that shows in our results this quarter,” he added. “We still have plenty of opportunity to continue to improve from here, and our team will continue to press for profitable growth as we move through the rest of the year and into 2022.”
Vitiritto also noted the company completed a two-for-one stock split and a Dutch auction in the third quarter that generated additional benefits for shareholders.
In the logistics operations segment, revenue rose by 107.8% to $55.89 million in the third quarter, from $26.9 million in the same period in 2020. Operating ratio was 88.59%, compared to 94.31%.
Shares of P.A.M. (NASDAQ: PTSI) closed Thursday at $46.08, up 8 cents, or 0.17%. In the past 52 weeks, the stock has ranged between $47.51 and $19.16.