Business
P.A.M. Transportation Services, Inc. Announces Results For The Third Quarter Ended September 30, 2020
TONTITOWN, AR / ACCESSWIRE / October 20, 2020 / P.A.M. Transportation Services, Inc. (NASDAQ:PTSI) today reported net income of $6.0 million, or diluted
About this update from Pamt Corp
[{"type":"text","content":"TONTITOWN, AR / ACCESSWIRE / October 20, 2020 / P.A.M. Transportation Services, Inc. (NASDAQ:PTSI) today reported net income of $6.0 million, or diluted earnings per share of $1.04, for the quarter ended September 30, 2020, and net income of $3.9 million, or diluted earnings per share of $0.67 for the nine-month period then ended. These results compare to net income of $4.6 million, or diluted earnings per share of $0.79, and net income of $21.5 million, or diluted earnings per share of $3.65, respectively, for the three and nine months ended September 30, 2019. Each of these periods included unrealized non-cash gains or losses associated with the Company's investments in marketable equity securities. Excluding the impact of these items, adjusted (non-GAAP) net income was $6.4 million, or adjusted (non-GAAP) diluted earnings per share of $1.11 for the quarter ended September 30, 2020, and adjusted (non-GAAP) net income was $9.4 million, or adjusted (non-GAAP) diluted earnings per share of $1.64 for the nine-month period then ended. This compares to adjusted (non-GAAP) net income of $5.0 million, or adjusted (non-GAAP) diluted earnings per share of $0.87, and adjusted (non-GAAP) net income of $20.1 million, or adjusted (non-GAAP) diluted earnings per share of $3.40, respectively, for the three and nine months ended September 30, 2019, respectively.Revenue, before fuel surcharge, decreased 0.3% to $109.9 million for the third quarter of 2020 compared to $110.1 million for the third quarter of 2019. Fuel surcharge revenue decreased 35.9% to $12.1 million for the third quarter of 2020 compared to $18.8 million for the third quarter of 2019. Total operating revenue decreased 5.5% to $121.9 million for the third quarter of 2020 compared to $129.0 million for the third quarter of 2019. Revenue, before fuel surcharge, decreased 7.6% to $307.4 million for the first nine months of 2020 compared to $332.8 million for the first nine months of 2019. Fuel surcharge revenue decreased 36.7% to $36.6 million for the first nine months of 2020 compared to $57.8 million for the first nine months of 2019. Total operating revenue decreased 11.9% to $344.1 million for the first nine months of 2020 compared to $390.7 million for the first nine months of 2019.Joe Vitiritto, President of the Company, commented, \"Our quarterly results show marked improve...