Dan Cushman, president and CEO of PAM Transport, at his office in Tontitown: “I have to focus on what we do and do it well.”
PAM Transport of Tontitown reported second-quarter income of $7 million Thursday, an increase from $4.9 million in the second quarter of 2014.
PAM (Nasdaq: PTSI) reported revenue of $108 million, up from $104.4 million in the same quarter of 2014. PAM reported diluted earnings per share increased from 62 cents to 94 cents.
PAM said it was the second consecutive quarter in which earnings per share set a company record.
“The second quarter of 2015 represents the best quarter in the company’s history in terms of operating profit, net income and earnings per share,” said CEO Dan Cushman in a statement.
Cushman credited better rates, continued growth in the company’s logistics division and an increase in its fleet for the strong income numbers. He said increased demand for capacity has allowed PAM to be more efficient in choosing business.
Cushman said driver turnover numbers improved but the retention is still a cause of concern in the transportation industry as a whole. PAM’s trucking division saw total miles increase from 53.6 million to 55.6 million while revenue per mile improved from $1.40 to $1.43, excluding fuel surchages.
The logistics division reported income of $11.5 million in the second quarter, more than double from the $5.2 it reported in the second quarter of 2014. Cushman said the company was also pleased with the performances from its automotive, Mexico and dedicated divisions.
“Our logistics division goal for 2015 is to double the revenue of 2014, and we are currently on pace to exceed that goal while also staying ahead of our profitability goals for that division,” Cushman said.
PAM’s earnings report came on the heels of it concluding a Dutch auction to buy back 298,566 shares of its outstanding stock at $59 per share for a total expenditure of $17.6 million.
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