Business
P.A.M. Transportation Services, Inc. Reports Second Consecutive Year of Record Annual Operating Results
TONTITOWN, Ark.--(BUSINESS WIRE)-- P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) (“the Company”) today reported net income of $18.0 million, or diluted
About this update from Pamt Corp
[{"type":"text","content":" TONTITOWN, Ark.--(BUSINESS WIRE)--\nP.A.M. Transportation Services, Inc. (NASDAQ: PTSI) (“the Company”) today reported net income of $18.0 million, or diluted and basic earnings per share of $0.81, for the quarter ended December 31, 2022, and net income of $90.7 million, or diluted earnings per share of $4.04 ($4.08 basic), for the year ended December 31, 2022. These results compare to net income of $27.9 million, or diluted earnings per share of $1.24 ($1.25 basic), for the quarter ended December 31, 2021, and net income of $76.5 million, or diluted earnings per share of $3.35 ($3.37 basic), for the year ended December 31, 2021. Net income and diluted earnings per share for the fourth quarter ended December 31, 2022 includes the negative impact of a loss estimate for a claim anticipated to settle in excess of insurance policy limits. Excluding the negative impact of this loss estimate, adjusted (non-GAAP) net income for the quarter ended December 31, 2022 was $24.0 million, or adjusted (non-GAAP) diluted and basic earnings per share of $1.08.\n\nConsolidated operating revenues increased 11.1% to $237.6 million for the fourth quarter of 2022 compared to $213.9 million for the fourth quarter of 2021. For the year ended December 31, 2022, consolidated operating revenues increased 33.9% to $946.9 million compared to $707.1 million for the year ended December 31, 2021.\n\nJoe Vitiritto, President of the Company, commented, “I am proud of our team’s results and how we navigated 2022’s challenges. Our driving associates have my utmost respect and admiration. Without them we couldn’t have achieved these results. We did not see a traditional peak in the fourth quarter as we anticipated, but our entire team stepped up to the challenge and navigated a challenging environment well. We continue to remain focused on continually improving and delivering value to our customers, our team members and our shareholders in 2023.”\n\nLiquidity, Capitalization, and Cash Flow\n\nAs of December 31, 2022, we had an aggregate of $175.5 million of cash, marketable equity securities, and available liquidity under our line of credit and $300.2 million of stockholders’ equity. Outstanding debt was $264.3 million as of December 31, 2022.\n\nDuring 2022, we generated $168.8 million in operating cash flow while net capital expenditures, excluding acquisition r...