Business
P.A.M. Transportation Services, Inc. Announces Results for the Second Quarter Ended June 30, 2024
Second Quarter 2024 Summary Results Total revenues of $182.9 million, down 11.8% YoY Operating loss of $0.7 million Operating ratio of 100.4% Diluted loss
About this update from Pamt Corp
[{"type":"text","content":"\nSecond Quarter 2024 Summary Results\n\n\n\nTotal revenues of $182.9 million, down 11.8% YoY\n\n\n\nOperating loss of $0.7 million\n\n\n\nOperating ratio of 100.4%\n\n\n\nDiluted loss per share of $0.13\n\n\n\n TONTITOWN, Ark.--(BUSINESS WIRE)--\nP.A.M. Transportation Services, Inc. (NASDAQ: PTSI) (“we” or the “Company”) today reported consolidated net loss of $2.9 million, or diluted and basic loss per share of $0.13, for the quarter ended June 30, 2024. These results compare to consolidated net income of $9.3 million, or diluted and basic earnings per share of $0.42 for the quarter ended June 30, 2023.\n\n\nOperating revenues decreased 11.8% to $182.9 million for the second quarter of 2024 compared to $207.4 million for the second quarter of 2023.\n\n\nJoe Vitiritto, President of the Company, commented, “Our consolidated operating results for the second quarter 2024 were very similar to the first quarter of the year. The quarter started off slower than anticipated but began to show signs of seasonal demand patterns that were more consistent with pre-covid periods and we saw capacity tightening some as we moved towards the end of the quarter. We continue to see downward rate pressure, but we are also seeing some opportunities that tell us we may be getting closer to a cycle change. Our continued focus on cost and efficiency measures helps us to mitigate the current unfavorable freight market as well as positioning us to meet our longer-term mid-80’s operating ratio expectation. I am pleased to see our team working together with our professional drivers to negotiate this environment and prepare us for opportunities that will come with an improved freight market.”\n\n\nLiquidity, Capitalization, and Cash Flow\n\n\nAs of June 30, 2024, we had an aggregate of $173.9 million of cash, marketable equity securities, and available liquidity under our line of credit and $306.7 million of stockholders’ equity. Outstanding debt was $266.0 million as of June 30, 2024, which represents a $4.3 million increase from December 31, 2023. During the first half of 2024, we generated $28.4 million in operating cash flow.\n\n\nAbout P.A.M. Transportation Services, Inc.\n\n\nP.A.M. Transportation Services, Inc. is a holding company that owns subsidiaries engaged in providing truckload dry van carrier services transporting general commodities througho...