PAM Transport Inc. of Tontitown reported Wednesday second-quarter income of $15.3 million, a big increase from a loss of $823,000 in the same quarter of fiscal 2020.
For PAM, this big quarter was its fourth consecutive positive quarter, and third of at least $11.9 million, since posting negative quarters in the first half of 2020. The company reported income of $11.9 million in the first quarter of 2021 and $14 million in the fourth quarter of 2020.
Second-quarter revenue was $161.3 million, an increase from $92.9 million in the same quarter last year. Earnings per share was $2.66, up from a loss of 14 cents a share a year ago.
The company struggled at the onset of the COVID-19 pandemic because many automakers suspended production, and that industry makes up a majority of PAM's customer base. The truckload division reported revenue per truck per week, a key industry metric, of $3,882, up from $2,700 a year ago.
The logistics division reported revenue of $47.1 million, up from $15.8 million a year ago.
"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," PAM CEO Joe Vitiritto said. "Now, just one year later and with a redesigned network, we are pleased to report record revenue and record operating income for the quarter.
"While we believe that there remains plenty of opportunity to improve on our recent operating results and we expect our team to continue to exceed expectations, it is satisfying to see such marked improvement so quickly."
PAM's board of directors also announced it was splitting its common stock for stockholders of record on July 30. Each stockholder will receive one share for every share owned, and the split shares will go into effect Aug. 17; PAM said it has 5.7 million outstanding shares that will become 11.4 million after the split.
"We are also pleased that the board of directors has approved a stock split, which demonstrates their continued confidence in our long-term potential," Vitiritto said. "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."