Tontitown trucking company P.A.M. Transportation Services Inc. reported record income and profit for its second quarter and has declared a 2-for-1 stock split, the company said.
The company reported net income of $15.3 million or $2.66 per share for the second quarter, which ended June 30, compared with a loss of $820,000 or 14 cents a share for the year-ago period. No analysts offered earnings estimates for P.A.M.'s second quarter, according to YahooFinance.
Revenue was $161.3 million for the second quarter, up 73.4% when compared with $94 million for the same quarter in 2020. A single analyst had called for revenue of $136.8 million for the second quarter 2021.
"It was only one year ago that we were scrambling to find replacement freight as many of our largest customers reacted to the pandemic by completely suspending their operations. Now, just one year later and with a redesigned network, we are pleased to report record revenue and record operating income for the quarter," Joe Vitiritto, company president, said in a statement. "I have been really impressed with the progress our team has achieved in such a short time frame, and I want to thank our driving associates for the work they put in every single day."
On July 13, the company's board of directors declared a 2-for-1 stock split for its common stock, payable on Aug. 16 to stockholders of record on July 30, according to the company release.
"With this split, we will be able to increase the availability of our stock and enhance liquidity within the marketplace, allowing both current and new investors to share in our continued success," Vitiritto said in a statement.
Shares of P.A.M. moved up on the news. Shares closed at $57.30, up $2.31 or a little more than 4% in trading Thursday on the Nasdaq stock exchange. Company shares have traded as low as $27.76 and as high as $66.29 over the past year.