LITTLE ROCK, Ark. — P.A.M. Transportation Services, of Tontitown, Arkansas, has reported is fourth quarter and year end revenues for 2023.
For the quarter ended December 31, 2023, P.A.M. reported a net consolidated loss of $2.2 million, a diluted or basic loss per share of $0.10, according to a news release.
Combined with the first three quarters of 2023, the fourth quarter resulted in a consolidated net income of $18.4 million for the year and a diluted or basic earnings per share of $0.83.
Quarter-over-quarter, the numbers compare to a consolidated net income of $18 million and diluted or basic earnings of $0.81 for the same quarter in 2022.
Year-over-year, in 2022, consolidated net income was $90.7 million, with diluted earnings per share of $4.04. In terms of consolidated operating revenues, P.A.M. was down 24.2% over 2022 for the quarter and 14.4% for the year. For 2023, the company showed a net operating loss of $0.8 million with total revenues down $180.2 million over 2022.
Joe Vitiritto, President of P.A.M., commented, “Our consolidated operating results for the three and twelve months ended December 31, 2023, reflect a continued weak freight environment and the impact of the UAW strike against several customers in the automotive sector in which the Company has significant exposure. Unlike previous UAW strikes, the approach taken in the 2023 strike was impactful to the majority of our auto customer base including both auto manufacturers and suppliers. While the strike ended by mid-November, the negative impact carried on through the typical holiday shutdowns with no post-strike surge in automotive business that we have sometimes experienced after past UAW strikes.
“These factors combined to create a challenging backdrop for our business for the quarter and year,” Vitiritto said. “Our team is working to constantly keep improving our results and we will continue to take advantage of opportunities to improve. We are staying focused on our longer-term objectives and seeing sustainable progress in areas that will put us in a position to get back to profitable growth that aligns with our expectations.”
P.A.M. Transportation Services, Inc. is a holding company that owns subsidiaries engaged in providing truckload dry van carrier services transporting general commodities throughout the continental United States, as well as in the Canadian provinces of Ontario and Quebec. The company’s consolidated operating subsidiaries also provide transportation services in Mexico through its gateways in Laredo and El Paso, Texas, under agreements with Mexican carriers.
Since retiring from a career as an outdoor recreation professional from the State of Arkansas, Kris Rutherford has worked as a freelance writer and, with his wife, owns and publishes a small Northeast Texas newspaper, The Roxton Progress. Kris has worked as a ghostwriter and editor and has authored seven books of his own. He became interested in the trucking industry as a child in the 1970s when his family traveled the interstates twice a year between their home in Maine and their native Texas. He has been a classic country music enthusiast since the age of nine when he developed a special interest in trucking songs.
