PAM Reports 4Q Income of $14 Million

PAM Reports 4Q Income of $14 Million

PAM Transport Services Inc. of Tontitown on Wednesday reported income of $14 million for the fourth quarter of 2020.

That income was an increase from a loss of $13.6 million in the same quarter of 2019. Earnings per share was $2.43 for the quarter, up from a loss of $2.37 a year ago.

The company reported quarterly revenue of $142.7 million, up from $124.5 million in the same quarter of 2019. PAM CEO Joe Vitiritto said the revenue was a quarterly record for the company.

For fiscal year 2020, PAM reported revenue of $486.8 million, down from $514.6 million in fiscal 2019. Income was $17.8 million for the year, an increase from $7.9 million in 2019; earnings per share for fiscal 2020 was $3.09, up from $1.34.

“I am proud of our team, and these results reflect the progress made during the fourth quarter with some of our pricing goals and our ability to sustain most of our cost savings initiatives implemented earlier in the year,” Vitiritto said. “These quarterly results represent a record quarter for us as it relates to revenue and operating income, so it is satisfying for our hardworking drivers, shop and office teams to experience record results this early into implementing our improvement processes. Another highlight, despite the COVID-related setbacks experienced earlier in the year, our logistics division was able to achieve record revenue and operating results on a full-year basis.”

The trucking segment reported it transported 87,017 loads in the fourth quarter, down from 92,878 in the same quarter a year ago. For the fiscal year, the segment transported 349,804 loads, down from 396,465.

Revenue per truck per week, a key metric in the industry, was $3,788 in the fourth quarter of 2020, up from $3,317 a year ago. For the year, revenue per truck per week was $3,317, down from $3,449.

The logistics segment reported revenue of $38.2 million for the quarter, up from $18.2 million a year ago. For the year, logistics revenue was $101.5 million, up from $75.9 million.