P.A.M. reports $6M
in net profit for 3Q
P.A.M. Transportation Services Inc. on Tuesday reported a third quarter net profit of $6 million, or $1.04 per share, up 30% from last year, when autoworkers went on strike.
The Tontitown-based carrier beat Wall Street expectations and moved itself into the black with a nine-month income of $3.9 million. Despite a quick rebound after three of its top customers closed in response to the coronavirus pandemic, executives are expecting more from P.A.M.
"While we aren't satisfied with these results, they are an indication of a strong model which will only require modest adjustments to attain our updated profitability improvement goals," said Joe Vitiritto, president and chief executive officer.
Revenue, excluding fuel surcharges, declined less than 1% to $109.9 million in the three months that ended Sept. 30.
Hurdles remain for P.A.M. as it deals with the pandemic, including a driver shortage and cost increases. P.A.M. shares rose 5.9%, or $2.48, to close Tuesday at $44.70.
-- Nathan Owens
Walmart execs listed
among top 50 women
Walmart Inc. executive Judith McKenna ranked 10th on Fortune's Most Powerful Women in Business list for 2020. And Sam's Club leader Kathryn McLay debuted on the list at No. 31.
Fortune released its list of the 50 most powerful businesswomen in the U.S. on Monday.
McKenna, president and chief executive officer of Walmart International, moved up five spots from last year. Fortune said she prepared the Bentonville-based retailer's operations in China and elsewhere for the growing pandemic.
Even with shutdowns in several major markets, the division's revenue rose 1.6% in the second quarter, Fortune said.
McLay was promoted to president and chief executive of Walmart's members-only warehouse division in November 2019. Fortune said she sped up the expansion of curbside pickup during the pandemic. Her team also designed and rolled out in six days a shopping app that lets senior and at-risk customers make purchases without leaving their cars, the magazine said.
Sam's Club's operating income has grown 16.6% during the pandemic, according to Fortune.
-- Serenah McKay
State index up 1.51
to close at 431.97
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Tuesday at 431.97, up 1.51.
"The stock market closed higher on Tuesday based on progress on a stimulus package aimed at reversing some of the economic shock from the coronavirus pandemic after President [Donald] Trump stated that he wanted something soon," said Chris Harkins, managing director at Raymond James & Associates.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.