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P.A.M. posts profit in fourth quarter, beating expectations

by Arkansas Democrat-Gazette | January 22, 2021 at 1:55 a.m.

P.A.M. Transportation Services Inc. reported fourth-quarter 2020 earnings of $14 million after posting a loss for the same quarter in 2019.

The Tontitown trucking company's earnings per share rocketed to $2.43, up from a loss of $2.37, or net loss of $13.7 million in 2019.

Results beat Wall Street expectations.

Revenue was $142.8 million in the quarter compared with $123.5 million in 2019. It was $131.5 million excluding fuel surcharges.

P.A.M. President Joe Vitiritto said in a written statement Wednesday that he was proud of the company's hard work and ability to realize cost savings despite the pandemic. He was tapped to run the auto carrier in August.

"Although we implemented steps that allowed us to make progress in the quarter, the challenging driver market continues to be one of our biggest areas of focus," Vitiritto said about recruiting drivers.

During the three months that ended Dec. 31, P.A.M. drivers logged 47.5 million miles, down from 50.6 million miles in 2019. It recorded $1.96 in revenue per mile, up from $1.75 in 2019.

Analysts expected the Arkansas transporter to post earnings of 88 cents per share, according to Yahoo Finance.

Company shares fell more than 6%, or $3.81, to close Thursday at $57.97 on the Nasdaq stock exchange.

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