P.A.M. revenue hits record in third quarter, up 38%

Tontitown-based carrier P.A.M. Transportation Services Inc. posted double-digit increases in earnings and revenue in the third quarter.

After the markets closed Thursday (Oct. 20), P.A.M. reported third-quarter earnings rose by 15% to $24.56 million, or $1.09 per share, from $21.35 million, or 93 cents per share, in the same period last year. Revenue rose by 38% to $252.63 million from $183.08 million.

“I am proud of our team and how they navigated the third quarter,” President Joe Vitiritto said. “Our driving associates continue to be a cornerstone of our success, and we appreciate all they sacrifice to help us achieve these results. Although we had a record revenue quarter, our culture is to never be satisfied with our results and continually look for areas to improve.”

Through the first three quarters, earnings rose by 49.5% to $72.69 million, or $3.24 per share, from $48.62 million, or $2.12 per share in the same period last year. Revenue rose by 43.8% to $709.24 million from $493.2 million.

In the company’s logistics operations, revenue rose to $71.49 million in the third quarter, from $55.89 million in the same period last year. Through three quarters, revenue increased to $210.64 million from $147.81 million in the same period last year.

Following are other highlights from the third quarter, compared to the same period last year:

• Revenue per mile rose by 10 cents to $2.56
• Total loads increased by 26.3% to 110,192, from 87,218
• Average company trucks increased by 35.9% to 2,080 from 1,530
• Average owner-operator trucks rose by 5.5% to 403 from 382.

According to the earnings release, P.A.M. experienced improved equipment delivery times in the third quarter and received most of its backlogged truck orders by the end of the period. However, trailer deliveries remained delayed, and final deliveries are expected to continue into the first quarter of 2023. The delivery delays have required the company to keep equipment longer than planned, but the company has not incurred significant additional maintenance costs.

Shares of P.A.M. (NASDAQ: PTSI) closed Thursday at $30.36, down $1.38 or 4.35%. In the past 52 weeks, the stock has ranged between $23.52 and $40.88.