TONTITOWN, Ark. — P.A.M. Transportation Services reported a consolidated net income of $6.1 million, or diluted and basic earnings per share of $0.28, for the quarter that ended on Sept. 30.
These results compare to a consolidated net income of $24.6 million, or diluted earnings per share of $1.09 ($1.10 basic), for the quarter ended Sept. 30, 2022.
Consolidated operating revenues decreased 20.2% to $201.5 million for the third quarter of 2023 compared to $252.6 million for the third quarter of 2022.
Joe Vitiritto, president of the company, commented, “The third quarter presented very challenging comparisons to the same quarter last year. The third quarter of 2022 was one of the best in our company’s history, while the third quarter this year was faced with an unprecedented unfavorable truckload market. Despite market challenges, we did see improvement in factors that we believe will position the Company favorably when truckload market conditions improve. I am especially proud of the continued loyalty, dedication and outstanding contribution of our driving and non-driving associates as we continue to drive improvement in the company.
“Looking ahead, we will continue to stay focused on investing in the areas of our business that will help us to consistently grow, increase efficiencies, and deliver value to our customers, shareholders, and employees.”
As of Sept. 30, the company had an aggregate of $203.5 million of cash, marketable equity securities, available liquidity under its line of credit and $316.3 million of stockholders’ equity.
Outstanding debt was $227.6 million as of Sept. 30, which represents a $36.7 million decrease from Dec. 31. During the first nine months of 2023, the company generated $93.9 million in operating cash flow.
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