Business
P.A.M. Transportation Services, Inc. Announces Results for the Third Quarter Ended September 30, 2022
Third Quarter 2022 Summary ResultsTotal revenues of $252.6 million, up 38.0% YoYNet income of $24.6 million, up 15.0% YoY; non-GAAP adjusted net income of
About this update from Pamt Corp
[{"type":"text","content":"Third Quarter 2022 Summary ResultsTotal revenues of $252.6 million, up 38.0% YoYNet income of $24.6 million, up 15.0% YoY; non-GAAP adjusted net income of $26.4 million, up 21.5% YoYOperating ratio of 85.9%, an increase of 270 bps YoY; non-GAAP adjusted operating ratio of 83.6%, an increase of 210 bps YoYDiluted EPS of $1.09, up 17.2% YoY; non-GAAP adjusted diluted EPS of $1.18, up 24.2% YoYTONTITOWN, AR / ACCESSWIRE / October 20, 2022 / P.A.M. Transportation Services, Inc. (NASDAQ:PTSI) (\"we\" or the \"Company\") today reported consolidated net income of $24.6 million, or diluted earnings per share of $1.09 ($1.10 basic), for the quarter ended September 30, 2022. These results compare to consolidated net income of $21.4 million, or diluted earnings per share of $0.93 ($0.94 basic)[1], for the quarter ended September 30, 2021. Net income and diluted earnings per share for the third quarter ended September 30, 2022, includes the negative impact of losses recognized but unrealized on our investments in marketable equity securities. Excluding the impact of this item, adjusted (non-GAAP) net income for the quarter ended September 30, 2022, was $26.4 million, or adjusted (non-GAAP) diluted earnings per share of $1.18.Consolidated operating revenues increased 38.0% to $252.6 million for the third quarter of 2022 compared to $183.1 million for the third quarter of 2021.Joe Vitiritto, President of the Company, commented, \"I am proud of our team and how they navigated the 3rd Quarter. Our driving associates continue to be a cornerstone of our success and we appreciate all they sacrifice to help us achieve these results. Although we had a record revenue quarter, our culture is to never be satisfied with our results and continually look for areas to improve.\"Liquidity, Capitalization, and Cash FlowAs of September 30, 2022, we had an aggregate of $138.5 million of cash, marketable equity securities, and available liquidity under our line of credit and $283.1 million of stockholders' equity. Outstanding debt was $258.4 million as of September 30, 2022.During the first nine months of 2022, we generated $120.1 million in operating cash flow while net capital expenditures, excluding acquisition related assets, resulted in a cash outflow of $28.9 million.EquipmentDuring the third quarter of 2022, we experienced improved equipment delivery tim...