P.A.M. Transportation Services, Inc. Announces Results for the Third Quarter Ended September 30, 2024
Third Quarter 2024 Summary Results
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Total revenues of
$182.6 million , down 9.4% YoY -
Operating income of
$2.3 million - Operating ratio of 98.7%
-
Diluted earnings per share of
$0.11
Operating revenues decreased 9.4% to
Liquidity, Capitalization, and Cash Flow
As of
About
Forward-Looking Statements
Certain information included in this document contains or may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may relate to expected future financial and operating results, prospects, plans or events, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, excess capacity in the trucking industry; surplus inventories; general inflation, recessionary economic cycles and downturns in customers' business cycles; a significant reduction in or termination of the Company's trucking service by a key customer, including as a result of future labor disruptions; increases or rapid fluctuations in fuel prices, interest rates, fuel taxes, tolls, and license and registration fees; potential economic, business or operational disruptions or uncertainties that may result from any future public health crises; the resale value of the Company's used equipment; the price and availability of new equipment consistent with anticipated acquisitions and replacement plans; increases in compensation for and difficulty in attracting and retaining qualified drivers and owner-operators; increases in insurance premiums and deductible amounts relating to accident, cargo, workers' compensation, health, and other claims; increases in the number or amount of claims for which the Company is self-insured; inability of the Company to continue to secure acceptable financing arrangements; seasonal factors such as harsh weather conditions that increase operating costs; competition from trucking, rail, and intermodal competitors including reductions in rates resulting from competitive bidding; the ability to identify acceptable acquisition candidates, consummate acquisitions, and integrate acquired operations; our ability to develop and implement suitable information technology systems and prevent failures in or breaches of such systems; the impact of pending or future litigation; general risks associated with doing business in
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Key Financial and Operating Statistics |
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(unaudited) |
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Quarter Ended |
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Nine Months Ended |
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2024 |
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2023 |
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2024 |
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2023 |
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(in thousands, except earnings per share) |
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(in thousands, except earnings per share) |
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Revenue, before fuel surcharge |
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Fuel surcharge |
21,778 |
|
27,154 |
|
66,136 |
|
80,754 |
Operating Revenue |
182,577 |
|
201,502 |
|
548,116 |
|
630,639 |
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Operating expenses and costs: |
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Salaries, wages and benefits |
44,736 |
|
46,032 |
|
132,559 |
|
142,138 |
Operating supplies and expenses |
34,982 |
|
42,378 |
|
105,002 |
|
123,589 |
Rent and purchased transportation |
73,129 |
|
78,595 |
|
221,210 |
|
244,020 |
Depreciation |
17,741 |
|
15,552 |
|
55,381 |
|
47,805 |
Insurance and claims |
4,768 |
|
5,146 |
|
15,093 |
|
25,205 |
Other |
5,121 |
|
5,305 |
|
18,052 |
|
17,936 |
Gain on disposition of equipment |
(209) |
|
(339) |
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(109) |
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(1,175) |
Total operating expenses and costs |
180,268 |
|
192,669 |
|
547,188 |
|
599,518 |
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Operating income |
2,309 |
|
8,833 |
|
928 |
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31,121 |
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Interest expense |
(2,936) |
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(2,046) |
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(9,104) |
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(6,565) |
Non-operating income |
3,744 |
|
1,638 |
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7,891 |
|
3,729 |
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Income/(loss) before income taxes |
3,117 |
|
8,425 |
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(285) |
|
28,285 |
Income tax expense/(benefit) |
705 |
|
2,328 |
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(68) |
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7,637 |
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Net income/(loss) |
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( |
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Diluted earnings/(loss) per share |
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( |
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Average shares outstanding – Diluted |
21,825 |
|
22,139 |
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21,911 |
|
22,219 |
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Quarter Ended |
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Nine Months Ended |
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2024 |
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2023 |
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2024 |
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2023 |
Truckload Operations |
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Total miles (in thousands) (1) |
46,503 |
|
47,209 |
|
136,397 |
|
148,304 |
Operating ratio (2) |
100.5% |
|
95.8% |
|
102.8% |
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96.0% |
Empty miles factor |
8.89% |
|
7.84% |
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8.82% |
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8.48% |
Revenue per total mile, before fuel surcharge (1) |
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Total loads |
106,061 |
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105,342 |
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319,081 |
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316,772 |
Revenue per truck per workday |
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Revenue per truck per week |
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Average company-driver trucks |
1,820 |
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2,007 |
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1,842 |
|
2,038 |
Average owner operator trucks |
481 |
|
326 |
|
455 |
|
360 |
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Logistics Operations |
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Total revenue (in thousands) |
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Operating ratio |
94.3% |
|
93.3% |
|
94.0% |
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91.2% |
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Condensed Consolidated Balance Sheets |
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(unaudited) |
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2024 |
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2023 |
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(in thousands) |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
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Trade accounts receivable, net |
93,673 |
|
80,604 |
Other receivables |
5,954 |
|
7,203 |
Inventories |
2,332 |
|
2,321 |
Prepaid expenses and deposits |
9,499 |
|
13,213 |
Marketable equity securities |
44,205 |
|
43,203 |
Income taxes refundable |
4,324 |
|
3,883 |
Total current assets |
208,065 |
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251,041 |
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Property and equipment |
828,473 |
|
771,131 |
Less: accumulated depreciation |
282,451 |
|
266,412 |
Total property and equipment, net |
546,022 |
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504,719 |
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Other non-current assets |
2,655 |
|
4,697 |
Total assets |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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Accrued expenses and other liabilities |
16,776 |
|
16,799 |
Current portion of long-term debt |
61,170 |
|
57,645 |
Total current liabilities |
115,844 |
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137,096 |
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Long-term debt, net of current portion |
227,539 |
|
204,064 |
Deferred income taxes |
104,195 |
|
104,331 |
Other long-term liabilities |
250 |
|
750 |
Total liabilities |
447,828 |
|
446,241 |
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STOCKHOLDERS’ EQUITY |
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Common stock |
224 |
|
223 |
Additional paid-in capital |
40,999 |
|
40,825 |
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(13,996) |
|
(8,736) |
Retained earnings |
281,687 |
|
281,904 |
Total stockholders’ equity |
308,914 |
|
314,216 |
Total liabilities and stockholders’ equity |
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_______________________________________ |
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1) |
Excludes miles driven by third party power only carriers. |
2) |
The Truckload Operations operating ratio has been calculated based upon total operating expenses, net of fuel surcharge, as a percentage of revenue, before fuel surcharge. We used revenue, before fuel surcharge, and operating expenses, net of fuel surcharge, because we believe that eliminating this sometimes volatile source of revenue affords a more consistent basis for comparing our results of operations from period to period. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241024279063/en/
P.O. BOX 188
(479) 361-9111
Source: