Business
Proficient Auto Logistics Reports Second Quarter 2024 Financial Results
Announces New Acquistion to Close During the Third Quarter JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Proficient Auto Logistics, Inc. (NASDAQ: PAL) today reported
About this update from Proficient Auto Logistics, Inc.
[{"type":"text","content":"\nAnnounces New Acquistion to Close During the Third Quarter\n\n\n JACKSONVILLE, Fla.--(BUSINESS WIRE)--\nProficient Auto Logistics, Inc. (NASDAQ: PAL) today reported its financial results for the three months ended June 30, 2024, for Proficient Auto Logistics, Inc. (“Proficient”, or the “Company”), Proficient Auto Transport, Inc. (“Proficient Transport”, or “Predecessor”) and for the five Founding Companies on a combined basis.\n\n\nSecond Quarter Highlights (all on a combined basis compared to second quarter 2023)\n\n\n\n\nTotal Operating Revenue of $106.6 million, an increase of 5.8%\n\n\n\n\n\n\n\n\nTotal Operating Income of $7.0 million, a decrease of 3.7%\n\n\n\n\n\n\n\n\nAdjusted Operating Income(1) of $8.73 million, an increase of 19.4%\n\n\n\n\n\n\n\n\nAdjusted Operating Ratio(1) of 91.8% compared to 92.7% in 2023\n\n\n\n\n\n\n\n\nTotal Units delivered of 507,712 in 2024, an increase of 10.5%\n\n\n\n\n\n\n\n\n_______________________\n\n\n\n(1)\n\n\n\n\n\n\nAdjusted Operating Income and Adjusted Operating Ratio are non-GAAP financial measures. See “Summary Unaudited Combined Financial Information” on the following page for additional information regarding the use of Adjusted Operating Income and Adjusted Operating Ratio and a reconciliation to the most comparable GAAP measure.\n\n\n\n\n\n\n\n“Proficient Auto Logistics produced strong operating results during the second quarter in spite of weakening customer demand during June,” said Rick O’Dell, Proficient’s Chief Executive Officer. “We are also very pleased to announce that we will be adding what is essentially a sixth founding company to the organization when we close on the purchase of Auto Transport Group (ATG) during the third quarter.”\n\n\n“We expect to close on the acquisition of Auto Transport Group during August, “said Mr. O’Dell. “ATG is based in Ogden, Utah and this strategic acquisition enhances the density of our coverage in the West. ATG is led by its CEO, Brent Larsen, and will maintain its strong brand within the Proficient Auto Logistics umbrella of companies. ATG has an outstanding management team, great service, robust technology platforms and industry leading margins.”\n\n\n“We’re excited for the go to market collaboration opportunity offered by the combination with Proficient Auto Logistics,” added Brent Larsen. “It’s a great opportunity to expand t...