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P.A.M. Transportation Services, Inc. Announces Results for the Third Quarter Ended September 30, 2023

Third Quarter 2023 Summary Results

  • Total revenues of $201.5 million, down 20.2% YoY
  • Operating income of $8.8 million, down 75.1% YoY
  • Operating ratio of 95.6%
  • Diluted EPS of $0.28, down 74.3% YoY

P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) (“we” or the “Company”) today reported consolidated net income of $6.1 million, or diluted and basic earnings per share of $0.28, for the quarter ended September 30, 2023. These results compare to consolidated net income of $24.6 million, or diluted earnings per share of $1.09 ($1.10 basic), for the quarter ended September 30, 2022.

Consolidated operating revenues decreased 20.2% to $201.5 million for the third quarter of 2023 compared to $252.6 million for the third quarter of 2022.

Joe Vitiritto, President of the Company, commented, “The third quarter presented very challenging comparisons to the same quarter last year. The third quarter of 2022 was one of the best in our company’s history while the third quarter this year was faced with an unprecedented unfavorable truckload market. Despite market challenges, we did see improvement in factors that we believe will position the Company favorably when truckload market conditions improve. I am especially proud of the continued loyalty, dedication and outstanding contribution from our driving and non-driving associates as we continue to drive improvement in the Company.

“Looking ahead, we will continue to stay focused on investing in the areas of our business that will help us to consistently grow, increase efficiencies and deliver value to our customers, shareholders and employees.”

Liquidity, Capitalization, and Cash Flow

As of September 30, 2023, we had an aggregate of $203.5 million of cash, marketable equity securities, and available liquidity under our line of credit and $316.3 million of stockholders’ equity. Outstanding debt was $227.6 million as of September 30, 2023, which represents a $36.7 million decrease from December 31, 2022. During the first nine months of 2023, we generated $93.9 million in operating cash flow.

About P.A.M. Transportation Services, Inc.

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.

Forward-Looking Statements

Certain information included in this document contains or may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may relate to expected future financial and operating results, prospects, plans or events, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, excess capacity in the trucking industry; surplus inventories; general inflation, recessionary economic cycles and downturns in customers' business cycles; a significant reduction in or termination of the Company's trucking service by a key customer, including as a result of ongoing or future labor disruptions in the automotive industry; increases or rapid fluctuations in fuel prices, interest rates, fuel taxes, tolls, and license and registration fees; potential economic, business or operational disruptions or uncertainties that may result from any future outbreaks of the COVID-19 pandemic or other public health crises; the resale value of the Company's used equipment and the price of new equipment; increases in compensation for and difficulty in attracting and retaining qualified drivers and owner-operators; increases in insurance premiums and deductible amounts relating to accident, cargo, workers' compensation, health, and other claims; increases in the number or amount of claims for which the Company is self-insured; inability of the Company to continue to secure acceptable financing arrangements; seasonal factors such as harsh weather conditions that increase operating costs; competition from trucking, rail, and intermodal competitors including reductions in rates resulting from competitive bidding; the ability to identify acceptable acquisition candidates, consummate acquisitions, and integrate acquired operations; our ability to develop and implement suitable information technology systems and prevent failures in or breaches of such systems; the impact of pending or future litigation; general risks associated with doing business in Mexico, including, without limitation, exchange rate fluctuations, inflation, import duties, tariffs, quotas, political and economic instability and terrorism; the potential impact of new laws, regulations or policy, including, without limitation, tariffs, import/export, trade and immigration regulations or policies; and other factors, including risk factors, included from time to time in filings made by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise forward-looking statements, whether due to new information, future events or otherwise. Considering these risks and uncertainties, the forward-looking events and circumstances discussed above and in company filings might not transpire.

P.A.M. Transportation Services, Inc. and Subsidiaries

Key Financial and Operating Statistics

(unaudited)

 

 

Quarter Ended September 30,

 

Nine Months Ended September 30,

 

2023

 

2022

 

2023

 

2022

 

(in thousands, except earnings per share)

 

(in thousands, except earnings per share)

 

 

 

 

Revenue, before fuel surcharge

$174,348

 

 

$216,475

 

 

$549,885

 

 

$615,303

 

Fuel surcharge

27,154

 

 

36,155

 

 

80,754

 

 

93,943

 

Operating Revenue

201,502

 

 

252,630

 

 

630,639

 

 

709,246

 

 

 

 

 

 

 

 

 

Operating expenses and costs:

 

 

 

 

 

 

 

Salaries, wages and benefits

46,032

 

 

50,847

 

 

142,138

 

 

133,069

 

Operating supplies and expenses

42,378

 

 

48,071

 

 

123,589

 

 

123,156

 

Rent and purchased transportation

78,595

 

 

93,501

 

 

244,020

 

 

273,521

 

Depreciation

15,552

 

 

16,289

 

 

47,805

 

 

46,647

 

Insurance and claims

5,146

 

 

5,149

 

 

25,205

 

 

19,281

 

Other

5,305

 

 

4,579

 

 

17,936

 

 

12,712

 

Gain on disposition of equipment

(339

)

 

(1,301

)

 

(1,175

)

 

(2,662

)

Total operating expenses and costs

192,669

 

 

217,135

 

 

599,518

 

 

605,724

 

 

 

 

 

 

 

 

 

Operating income

8,833

 

 

35,495

 

 

31,121

 

 

103,522

 

 

 

 

 

 

 

 

 

Interest expense

(2,046

)

 

(1,922

)

 

(6,565

)

 

(5,587

)

Non-operating income(expense)

1,638

 

 

(1,886

)

 

3,729

 

 

(2,829

)

 

 

 

 

 

 

 

 

Income before income taxes

8,425

 

 

31,687

 

 

28,285

 

 

95,106

 

Income tax expense

2,328

 

 

7,121

 

 

7,637

 

 

22,416

 

 

 

 

 

 

 

 

 

Net income

$6,097

 

 

$24,566

 

 

$20,648

 

 

$72,690

 

 

 

 

 

 

 

 

 

Diluted earnings per share

$0.28

 

 

$1.09

 

 

$0.93

 

 

$3.24

 

 

 

 

 

 

 

 

 

Average shares outstanding – Diluted

22,139

 

 

22,440

 

 

22,219

 

 

22,468

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended September 30,

 

Nine Months Ended September 30,

 

2023

 

2022

 

2023

 

2022

Truckload Operations

 

 

 

 

 

 

 

Total miles (in thousands)

49,745

 

 

56,624

 

 

156,897

 

 

151,531

 

Operating ratio (1)

95.8

%

 

82.6

%

 

96.0

%

 

81.3

%

Empty miles factor

7.84

%

 

9.92

%

 

8.48

%

 

9.37

%

Revenue per total mile, before fuel surcharge

$2.26

 

 

$2.56

 

 

$2.28

 

 

$2.67

 

Total loads

105,342

 

 

110,192

 

 

316,772

 

 

301,334

 

Revenue per truck per workday

$764

 

 

$912

 

 

$781

 

 

$933

 

Revenue per truck per week

$3,819

 

 

$4,562

 

 

$3,903

 

 

$4,665

 

Average company-driver trucks

2,007

 

 

2,080

 

 

2,038

 

 

1,868

 

Average owner operator trucks

326

 

 

403

 

 

360

 

 

391

 

 

 

 

 

 

 

 

 

Logistics Operations

 

 

 

 

 

 

 

Total revenue (in thousands)

$62,091

 

 

$71,493

 

 

$192,204

 

 

$210,645

 

Operating ratio

93.3

%

 

85.7

%

 

91.2

%

 

86.9

%

P.A.M. Transportation Services, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(unaudited)

 

 

September 30,

 

December 31,

 

2023

 

2022

 

(in thousands)

ASSETS

 

 

 

Current Assets:

 

 

 

Cash and cash equivalents

$102,299

 

 

$74,087

 

Trade accounts receivable, net

96,456

 

 

134,739

 

Other receivables

7,639

 

 

6,263

 

Inventories

2,600

 

 

2,570

 

Prepaid expenses and deposits

10,932

 

 

15,729

 

Marketable equity securities

41,250

 

 

41,728

 

Income taxes refundable

8,423

 

 

5,650

 

Total current assets

269,599

 

 

280,766

 

 

 

 

 

Property and equipment

714,673

 

 

705,919

 

Less: accumulated depreciation

257,753

 

 

242,324

 

Total property and equipment, net

456,920

 

 

463,595

 

 

 

 

 

Other non-current assets

5,202

 

 

4,801

 

Total Assets

$731,721

 

 

$749,162

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$57,653

 

 

$48,917

 

Accrued expenses and other liabilities

22,054

 

 

34,233

 

Current portion of long-term debt

56,149

 

 

58,815

 

Total current liabilities

135,856

 

 

141,965

 

 

 

 

 

Long-term debt, net of current portion

171,418

 

 

205,466

 

Deferred income taxes

107,415

 

 

101,445

 

Other long-term liabilities

750

 

 

103

 

Total liabilities

415,439

 

 

448,979

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

Common stock

223

 

 

223

 

Additional paid-in capital

40,660

 

 

40,472

 

Treasury stock, at cost

(8,736

)

 

(4,000

)

Retained earnings

284,135

 

 

263,488

 

Total stockholders’ equity

316,282

 

 

300,183

 

Total liabilities and stockholders’ equity

$731,721

 

 

$749,162

 

_______________________________________

  1. The Truckload Operations operating ratio has been calculated based upon total operating expenses, net of fuel surcharge, as a percentage of revenue, before fuel surcharge. We used revenue, before fuel surcharge, and operating expenses, net of fuel surcharge, because we believe that eliminating this sometimes volatile source of revenue affords a more consistent basis for comparing our results of operations from period to period.

Contacts

P.A.M. TRANSPORTATION SERVICES, INC.

Lance K. Stewart

(479) 361-9111

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