Business
P.A.M. Transportation Services, Inc. Announces Results For The Second Quarter Ended June 30, 2022
Second Quarter 2022 HighlightsTotal revenues of $237.2 million, up 47.1% YoYOperating income of $36.7 million, up 74.5% YoY; non-GAAP adjusted operating
About this update from Pamt Corp
[{"type":"text","content":"Second Quarter 2022 HighlightsTotal revenues of $237.2 million, up 47.1% YoYOperating income of $36.7 million, up 74.5% YoY; non-GAAP adjusted operating income of $40.0 million, up 90.4% YoYOperating ratio of 84.5%, an improvement of 250 bps YoY; non-GAAP adjusted operating ratio of 80.3%, an improvement of 520 bps YoYDiluted EPS of $1.08, up 61.2% YoY; non-GAAP adjusted diluted EPS of $1.30, up 106.3% YoYTONTITOWN, AR / ACCESSWIRE / July 28, 2022 / P.A.M. Transportation Services, Inc. (NASDAQ:PTSI) (\"we\" or the \"Company\") today reported consolidated net income of $24.2 million, or diluted earnings per share of $1.08 ($1.09 basic), for the quarter ended June 30, 2022. These results compare to consolidated net income of $15.3 million, or diluted and basic earnings per share of $0.67, for the quarter ended June 30, 2021. Net income and diluted earnings per share for the second quarter ended June 30, 2022, includes the negative impacts of both a loss estimate associated with a preliminary litigation settlement agreement and losses recognized but unrealized on our investments in marketable equity securities. Excluding the impact of these items, adjusted (non-GAAP) net income for the quarter ended June 30, 2022, was $29.3 million, or adjusted (non-GAAP) diluted earnings per share of $1.30.Consolidated operating revenues increased 47.1% to $237.2 million for the second quarter of 2022 compared to $161.2 million for the second quarter of 2021.Joe Vitiritto, President of the Company, commented, \"There continued to be significant disruptions in the quarter from customer down time, supplier parts/labor challenges and the well-publicized changes to the overall trucking freight market. Even with those challenges, our people did a solid job of navigating through the quarter. We continue to demonstrate the resiliency of our model, while growing the business organically. We are also excited by our first acquisition in almost two decades. We are looking forward to working with the high-quality team at Met Express and watching that team exceed expectations. I am proud of our Driving Associates and how big of an impact they have had in shaping our continued success. Our team has been laser-focused on continually improving and growing, and that showed again in our second quarter results. In my almost two years at PAM, we have improved signifi...