TONTITOWN, Ark. — P.A.M. Transportation Service Inc. has reported a consolidated net loss of $2.9 million, or diluted and basic loss per share of $0.13, for the quarter ended June 30.
“Our consolidated operating results for the second quarter 2024 were very similar to the first quarter of the year,” said Joe Vitiritto, president of P.A.M Transportation Service. “The quarter started off slower than anticipated but began to show signs of seasonal demand patterns that were more consistent with pre-covid periods and we saw capacity tightening some as we moved towards the end of the quarter.”
These results compare to consolidated net income of $9.3 million, or diluted and basic earnings per share of $0.42 for the quarter ended June 30, 2023.
Operating revenues decreased 11.8% to $182.9 million for the second quarter of 2024 compared to $207.4 million for the second quarter of 2023.
“We continue to see downward rate pressure, but we are also seeing some opportunities that tell us we may be getting closer to a cycle change,” Vitiritto said. “Our continued focus on cost and efficiency measures helps us to mitigate the current unfavorable freight market as well as positioning us to meet our longer-term mid-80’s operating ratio expectation. I am pleased to see our team working together with our professional drivers to negotiate this environment and prepare us for opportunities that will come with an improved freight market.”
Liquidity, Capitalization and Cash Flow
According to a company press release, as of June 30, 2024, the company had an aggregate of $173.9 million of cash, marketable equity securities, and available liquidity under its line of credit and $306.7 million of stockholders’ equity. Outstanding debt was $266.0 million as of June 30, 2024, which represents a $4.3 million increase from December 31, 2023. During the first half of 2024, it generated $28.4 million in operating cash flow.
Dana Guthrie is an award-winning journalist who has been featured in multiple newspapers, books and magazines across the globe. She is currently based in the Atlanta, Georgia, area.
