Business
P.A.M. Transportation Services, Inc. Announces Results for the Third Quarter Ended September 30, 2021
TONTITOWN, AR / ACCESSWIRE / October 14, 2021 / P.A.M. Transportation Services, Inc. (NASDAQ:PTSI) today reported net income of $21.4 million, or diluted
About this update from Pamt Corp
[{"type":"text","content":"TONTITOWN, AR / ACCESSWIRE / October 14, 2021 / P.A.M. Transportation Services, Inc. (NASDAQ:PTSI) today reported net income of $21.4 million, or diluted earnings per share of $1.87 ($1.88 basic), for the quarter ended September 30, 2021, and net income of $48.6 million, or diluted earnings per share of $4.24 ($4.26 basic), for the nine-month period then ended. These results compare to net income of $6.0 million, or diluted earnings per share of $0.52, and net income of $3.9 million, or diluted earnings per share of $0.34, respectively, for the three and nine months ended September 30, 2020.Operating revenues increased 50.1% to $183.1 million for the third quarter of 2021 compared to $121.9 million for the third quarter of 2020. For the nine months ended September 30, 2021, operating revenues increased 43.3% to $493.2 million compared to $344.1 million during the nine months ended September 30, 2020.Joe Vitiritto, President of the Company, commented, \"We have had another record quarter for revenue and operating statistics at PAM. I am excited to see the work that continues to go in to making PAM into what our customers and employees expect from a growing transportation company. Our driving associates deserve a lot of respect for the job they continue to do, given all the supply chain challenges our industry has experienced. We couldn't be doing this without them. We continued to see significant disruptions from some of our biggest customers in the third quarter and it accelerated quarter over quarter, but we are getting better at navigating the disruptions and that shows in our results this quarter. We still have plenty of opportunity to continue to improve from here and our team will continue to press for profitable growth as we move through the rest of the year and into 2022. We also completed a 2-for-1 stock split and a successful Dutch Auction in the quarter generating additional benefit to our shareholders.\"Stock splitDuring the third quarter of 2021, the Company completed the previously announced 2-for-1 forward stock split in the form of a 100% stock dividend which was paid on August 16, 2021, to stockholders of record on July 30, 2021. Immediately following payment of the 100% stock dividend, our outstanding common stock increased from 5,726,243 shares to 11,452,486 shares. Our current per-share results and prior perio...