P.A.M. profit tumbles 61% in 2Q
by July 19, 2023 6:07 pm 967 views
Tontitown-based carrier P.A.M. Transportation Services Inc. posted double-digit declines in earnings and revenue in the second quarter amid a soft freight market.
After the markets closed Wednesday (July 19), P.A.M. reported earnings fell by 61.5% to $9.31 million, or 42 cents per share, in the second quarter from $24.18 million, or $1.08 per share, in the same period last year. Revenue declined by 12.6% to $207.41 million from $237.16 million.
Historically, a P.A.M. executive has provided a statement in its quarterly earnings report. The second-quarter earnings report is the second consecutive quarterly report in which a company executive did not provide a statement in the release.
Through the first half of 2023, earnings declined by 69.8% to $14.55 million from $48.12 million. Revenue fell by 6% to $429.13 million from $456.61 million.
In logistics operations, revenue fell by 9.1% to $61 million from $68.04 million. Through the first half of the year, revenue declined by 6.5% to $130.11 million from $139.15 million.
Following are some second-quarter metrics compared to the same period last year:
- Revenue per mile fell to $2.25 from $2.72
- Total loads rose to 109,000 from 94,870
- Company trucks rose to 2,061 from 1,847
- Owner-operators trucks fell to 367 from 381.
Shares of P.A.M. (NASDAQ: PTSI) closed Wednesday at $26.71, up 98 cents or 3.81%. In the past 52 weeks, the stock has ranged between $21.56 and $37.45.