Dry-van truckload carrier P.A.M. Transportation Services reported record profit in the third quarter of the year, more than doubling from the same time a year ago to $5.1 million.
Diluted earnings per share were 63 cents in the most recent quarter, compared to 28 cents the same time a year ago for the Arkansas-based operation.
Total revenue increased to $107 million from $101.9 million last year.
“The earnings per share achieved so far this year represent a 166% increase as compared to the same period last year, and this quarter's earnings per share results represent our highest single quarter of earnings per share attained, surpassing the previous record which was just set in the second quarter of this year,” said Daniel H. Cushman, president.
Cushman said significant contributing factors were strong freight demand and favorable fuel prices.
"The current level of demand allows us to be more selective in choosing lanes which offer both driver satisfaction and higher returns. As a result, we have been able to further reduce the number of empty miles driven as well as recognize an increase in the average revenue per truck each day. These efficiency gains have a significant impact on bottom line results.”
The company’s truckload operation saw revenue increase to $1.41 per mile in the most recent quarter compared to $1.39 per mile a year earlier. During the same time total loads were 72,287 compared to 65,629.
This happened as the company owned fleet and its owner-operator fleet averaged nearly the same number of trucks during the quarter at 1,435 and 332, respectively.
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