PAM Transport Inc. of Tontitown (Nasdaq: PTSI) on Monday reported that net income rose 18.5% in 2022, despite significantly higher expenses and a decrease in fourth-quarter profit.
For the fiscal year, PAM posted income of $90.7 million, up from $76.5 million. Earnings per share came to $4.04, up from $3.35. Revenue for the full year was $946.9 million, up 34% from $707.1 million.
The company, which reported labor and supplier parts challenges in the first half of 2022, saw operating expenses jump 35% to $823.1 million, driven largely by higher employee pay. Total wages and benefits increased 29% to about $182 million. Operating supplies and expenses also rose sharply, climbing 62.4% to $166 million.
In the fourth quarter, income was slightly less than $18 million, a drop of more than 35% from $27.9 million a year ago. It would've been about $6 million higher if not for a "loss estimate for a claim anticipated to settle in excess of insurance policy limits," the company said.
On a per-share basis, earnings came to 81 cents, down from $1.24.
Income came on revenue of $237.6 million, about 11% higher than the same period a year ago. Truckloads increased 16% in the quarter to 104,719, but revenue per truck fell 17% to $4,466. Revenue per total mile before fuel surcharge fell 11.5% in the quarter to $2.60.
"We did not see a traditional peak in the fourth quarter as we anticipated, but our entire team stepped up to the challenge and navigated a challenging environment well," PAM CEO Joe Vitiritto said.
For the full year, PAM reported 406,053 truck loads, an increase of 13.7% Revenue per truck was $4,593, up 6.3%.
Revenue for the full year totaled $277.8 million, up 7.6% from $211.7 million.
Shares of the company were down about 3% late Tuesday morning.