P.A.M. earnings double in fourth quarter, quadruple in 2021
by January 19, 2022 3:12 pm 866 views
Tontitown-based carrier P.A.M. Transportation Services Inc. posted double-digit gains in revenue and net income for the fourth quarter and 2021 as the company grew organically.
Before the markets closed Wednesday (Jan. 19), the company reported fourth-quarter net income rose by 99.9% to $27.89 million, or $2.48 per share, from $13.95 million, or $1.21 per share, in the same period in 2020. Revenue rose by 49.9% to $213.91 million, from $142.75 million.
In 2021, net income increased by 329.3% to $76.51 million, or $6.69 per share, from $17.82 million, or $1.55 per share, in 2020. Revenue increased by 45.3% to $707.12 million, from $486.82 million.
According to a news release, earnings were affected negatively from a lawsuit settlement for a loss exceeding insurance policy limits and loss estimates for two claims anticipated to settle for more than insurance policy limits.
“I am proud of our team and the work that went into producing our (fourth) quarter and (2021) results,” said President Joe Vitiritto. “We made significant progress in the quarter and in 2021 at PAM with profitable organic growth. The growth has allowed our team to offer creative capacity solutions to our customers in unprecedented times. Our drivers are owed a big thanks for how they navigated the many challenges that 2021 presented them both personally and professionally. We couldn’t be doing what we are here at PAM without their commitment to our company, customers and our country. As we move into 2022, our team is ready to continue to build off what we learned from and executed in 2021.”
According to the release, the company received about 60% of its 2021 equipment order last year and expects the remaining deliveries to take place in early 2022. It did not “incur significant additional maintenance costs related to the delivery delays,” the release shows. The company owned an average of 1,582 trucks and had an average of 375 owner-operator trucks in 2021, compared to 1,567 and 429, respectively, in 2020.
In the carrier’s logistics operations, revenue rose to $63.86 million in the fourth quarter, from $38.23 million in the same period in 2020. In 2021, its revenue increased to $211.67 million, from $101.45 million in 2020.
Following are other 2021 highlights from the earnings report:
- Operating ratio improved to 82.3% in 2021, from 92% in 2020
- Total loads increased to 357,090, from 349,803
- Revenue per truck per week increased to $4,320, from $3,317
Shares of P.A.M. (NASDAQ: PTSI) closed Wednesday at $68.14, down $3.89, or 5.4%. In the past 52 weeks, the stock has ranged between $25.50 and $81.77.