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Proficient Auto Logistics Reports First Quarter 2024 Financial Results
JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Proficient Auto Logistics, Inc. (NASDAQ: PAL) today reported the financial results for the three months ended March 31,
About this update from Proficient Auto Logistics, Inc.
[{"type":"text","content":" JACKSONVILLE, Fla.--(BUSINESS WIRE)--\nProficient Auto Logistics, Inc. (NASDAQ: PAL) today reported the financial results for the three months ended March 31, 2024 for Proficient Auto Logistics, Inc. (“Proficient”), Proficient Auto Transport, Inc. (“Proficient Transport”) and for the five Founding Companies (as defined below) on a combined basis.\n\n\nOn May 13, 2024, Proficient completed the initial public offering (the “IPO”) of its common stock. Prior to the IPO, Proficient had entered into agreements to acquire in multiple, separate acquisitions (the “Combinations”) five operating businesses and their respective affiliated entities, as applicable, operating under the following names: (i) Delta Auto Transport, Inc. (“Delta”), (ii) Deluxe Auto Carriers, Inc. (“Deluxe”), (iii) Sierra Mountain Group, Inc. (“Sierra”), (iv) Proficient Transport, and (v) Tribeca Automotive Inc. (“Tribeca” and, together with Delta, Deluxe, Sierra, and Proficient Transport, the “Founding Companies”). On May 13, 2024, in connection with the closing of the IPO, Proficient also completed the acquisitions of all the Founding Companies.\n\n\nHighlights (all on a combined basis)\n\n\nOperating Income of $6.54 million, an increase of 7.9%\nIncome before taxes of $5.35 million, an increase of 12.1%\nOperating Ratio of 93.2% compared to 94.1% in 2023\nTotal Units delivered of 460,210 in 2024, an increase of 2%\n\n\n“We are excited that our five founding companies have successfully completed their combination and IPO and have begun operating as one combined company,” said Rick O’Dell, Proficient’s chief executive officer. “Despite the labor strikes at two of our largest customers in late 2023, our founding companies turned in a solid first quarter and we look forward to more normalized manufacturing levels and industry tailwinds supporting our growth going forward.”\n\n\n“Upon the closing of the IPO and Combinations, the Company immediately initiated the execution of its identified key operating initiatives, which include:\n\n\n\nAchieving cost synergies afforded by enhanced scale;\n\n\n\nReducing empty miles – increasing utilization – in overlapping geographies;\n\n\n\nIncreasing owned fleet to reduce suboptimal purchased transportation;\n\n\n\nIncreasing marketing to used car and fleet operations, further reducing empty miles;\n\n\n\nImplementing activity-b...