PAM Doubles Profit in Q1

PAM Doubles Profit in Q1
(PAM Transport)

PAM Transport Inc. of Tontitown (Nasdaq: PTSI) reported Tuesday first-quarter income for fiscal 2022 of $23.9 million, slightly more than double the $11.9 million it reported in the same quarter a year ago.

The income came on revenue of $219.4 million, an increase from $148.9 million. Earnings per share was $1.06, up from 52 cents a year ago.

“PAM had its best first quarter in our history,” PAM CEO Joe Vitiritto said. “We experienced significant challenges through the quarter, specifically on the weather front. The challenges made us leave something on the table in the quarter. However, I am proud of how our driving associates and office associates helped us navigate these challenges and move past them. We are continuing to demonstrate the resiliency in our business and at the same time we are seeing significant growth in all our business units.”

The company’s truckload segment reported 91,555 loads in the quarter, a slight increase from 90,047 a year ago. However, the revenue per truck per week was $4,736, up from $3,550.

PAM’s logistics department reported revenue of $71.1 million, an increase from $44.8 million.

The company reported that it completed its stock split during the first quarter, increasing the number of common stock shares from 11.1 million to 22.2 million.

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