P.A.M. Transportation President Daniel H. Cushman.
PAM Transport of Tontitown on Monday reported net income of $5.79 million, up about 15 percent from about $5.05 million in the same quarter last year.
The publicly traded (Nasdaq: PTSI) truckload dry van carrier also reported earnings per share of 80 cents, up from 63 cents in same quarter last year.
Revenue for the quarter was slightly more than $107.1 million, a negligible improvement from the same quarter of 2014 when revenue was just under $107.1 million. PAM reported an increase in total miles, overall loads and revenue per mile.
PAM’s truckload division recorded nearly 80,000 loads this quarter compared to 72,287 in the same quarter of 20134 and drove 56 million miles compared to 54 million.
Revenue growth was muted, though, by a decrease in fuel surcharge revenue brought about by low diesel price.
PAM reported that revenue before fuel surcharge increased 12.1 percent to about $92 million. Fuel surcharge revenue decreased 39.6 percent to about $15 million.
Dan Cushman, PAM’s president and CEO, said even though the quarter presented challenges it was still the company’s “second-best earnings quarters on record.”
“Our goal this year was to grow while continuing to operate at the same or better profitability levels as those established in 2014,” Cushman said in a statement. “Growth has been difficult with the challenging driver market, but we have had some success. Although not up to our expectations, we did achieve 12.1 percent revenue growth without considering the impact of fuel surcharge revenue.”
Cushman also said PAM recently purchased a terminal in Ohio and was considering possible terminal acquisitions on the West Coast.
“We continue to be open to growth by acquisitions and believe our model allows us the ability to be selective in that regard,” Cushman said. “Our overall goals remain the same in that we want to grow and we want to be one of the best operating companies in the industry.”
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