P.A.M. Transportation Services Inc. on Tuesday reported first quarter earnings of $23.9 million after the market closed, more than double what it made last year.
Revenue rose 47% to $219.4 million and results beat Wall Street analyst estimates despite significant weather challenges throughout the quarter. Excluding fuel surcharges, revenue was $196 million.
The Tontitown-based trucking company, which makes deliveries for General Motors, among others, experienced a record first quarter and saw growth in all aspects of the business.
"I am proud of how our driving associates helped us navigate these challenges and move past them," P.A.M. President Joe Vitiritto said in a written statement Tuesday.
First quarter earnings per share reached $1.06, surpassing an average estimate of 79 cents from a Yahoo! Finance analyst.
The company's truckload operations logged fewer miles than last year but that was offset by higher pricing from market factors. Revenue per truck per workday was $947 compared to $710 the previous year.
The segment's operating ratio improved to 81.4% from 90.1%.
P.A.M. logged 1,811 fewer miles this year compared to the first quarter last year and hauled 1,458 more loads.
During the quarter, P.A.M. reported receiving most of its remaining 2021 equipment order after delays from supply chain issues. The company said it anticipated most of its 2022 equipment deliveries will be made in the latter half of the year, and does not expect to incur significant maintenance costs on its fleets because of delays.
The average ages of P.A.M.'s trucks and trailer fleets were 1.9 years and 5.7 years at the end of the quarter, respectively.
The company's logistics operations saw total revenue of $71.1 million in the first quarter compared to $44.8 million last year. The segment's operating ratio improved to 88.6% from 89.5%.
Recently, P.A.M. has taken aggressive actions to bring value to shareholders.
During the first quarter, the company completed its second 2-for-1 stock split in less than a year, essentially doubling its stock to 22,264,802 shares. It also repurchased 83,220 shares of its common stock after retiring 12,268,395 shares of its treasury stock.
At the end of March, P.A.M. had $178.4 million of cash and cash equivalents and $237.2 million of stockholders' equity available. The company had $260.4 million outstanding, while net debt was $141.6 million, a significant decrease from the same period last year. It generated operating cash flow of $41.1 million.
Shares of P.A.M. increased more than 4%, or $1.03, to close Tuesday at $25.08.