P.A.M. Transportation Services Inc. on Monday posted a profit of nearly $9 million for its second quarter, the fifth-consecutive quarter the company has posted record earnings per share.
The Tontitown-based trucking company reported earnings per share of $1.45 on a profit of $8.7 million for the quarter that ended June 30. Profits took a hit of 10 cents a share from noncash, nonoperating losses from equity securities, according to a news release. That compares with profits of $7.3 million, or earnings of $1.17 per share, for the same quarter a year ago.
Total revenue, which includes fuel surcharges, stood at $133 million for the 2019 quarter, down 1.7% from $135.3 million for the same quarter in 2018.
No analysts offered earnings or revenue estimates for the quarter for P.A.M.
P.A.M. released its earnings report after markets closed on Monday. Shares closed at $58 in trading, down 31 cents, or less than 1%, on the Nasdaq exchange. Shares have traded as high as $70 and as low at $34.31 over the past year.
"We are very pleased with our financial performance for the second quarter 2019, which resulted in our best second quarter operating income on record and the second best quarterly operating income in company history," said Daniel H. Cushman, president of P.A.M.
Truckload operations logged 54.4 million miles for the period, down nearly 5% percent from 57.18 million miles. Revenue per total mile, before fuel surcharges, stood at $1.71, up more than 9% from $1.56 from the same quarter last year. Revenue per truck per week was $3,515 for the second quarter, down 5% from $3,716 for the same period in 2018.
"As the year has progressed, we have experience a more balanced market than comparative periods during 2018 and have been increasingly challenged to hold customer rates at levels that cover the new 'normal' increased driver and owner operator rates and that cover various other increased costs while maintaining acceptable margins," Cushman said in a statement.
During the quarter, P.A.M. operated an average of 1,520 trucks with company drivers, up 15% from 1,324 for the second quarter of 2018. The average number of owner-operator trucks used during the period was 545 for the second quarter, down slightly from 550 for the year ago quarter.
P.A.M, through its subsidiaries, runs truckload transportation and logistics services in the United States, Canada and Mexico. It hauls primarily vehicle parts, consumer goods and manufactured items.
Business on 07/16/2019
Print Headline: P.A.M. profit in 2Q rises to $8.7M