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P.A.M. Transportation(PTSI) - 2024 Q2 - Quarterly Results
PTSIP.A.M. Transportation(PTSI)2024-07-26 15:13

Financial Performance - Consolidated net loss for Q2 2024 was 2.9million,comparedtoanetincomeof2.9 million, compared to a net income of 9.3 million in Q2 2023, resulting in a diluted loss per share of 0.13[2]−Totalrevenuesdecreasedby11.80.13[2] - Total revenues decreased by 11.8% year-over-year to 182.9 million in Q2 2024, down from 207.4millioninQ22023[9]−Operatinglossforthequarterwas207.4 million in Q2 2023[9] - Operating loss for the quarter was 0.7 million, with an operating ratio of 100.4%[9] - Logistics operations revenue was 53.7millioninQ22024,downfrom53.7 million in Q2 2024, down from 61.9 million in Q2 2023[13] Cash and Liquidity - As of June 30, 2024, the company had 173.9millionincashandavailableliquidity,andstockholders′equityof173.9 million in cash and available liquidity, and stockholders' equity of 306.7 million[3] - Operating cash flow generated in the first half of 2024 was 28.4million[3]−Cashandcashequivalentsdecreasedto28.4 million[3] - Cash and cash equivalents decreased to 71,984,000 from 100,614,000,adeclineofabout28.5100,614,000, a decline of about 28.5%[14] Debt and Liabilities - Outstanding debt increased by 4.3 million to 266.0millionasofJune30,2024[3]−Totalliabilitiesdecreasedto266.0 million as of June 30, 2024[3] - Total liabilities decreased to 426,853,000 from 446,241,000,reflectingareductionofapproximately4.3446,241,000, reflecting a reduction of approximately 4.3%[14] - Long-term debt increased to 211,140,000 from 204,064,000,anincreaseofapproximately3.3204,064,000, an increase of approximately 3.3%[14] Assets and Equity - Total assets decreased to 733,527,000 from 760,457,000,adeclineofapproximately3.1760,457,000, a decline of approximately 3.1%[14] - Current liabilities reduced to 111,713,000 from 137,096,000,adecreaseofabout18.5137,096,000, a decrease of about 18.5%[14] - Trade accounts receivable increased to 92,324,000 from 80,604,000,anincreaseofapproximately14.580,604,000, an increase of approximately 14.5%[14] - Retained earnings decreased to 279,275,000 from 281,904,000,adeclineofabout0.9281,904,000, a decline of about 0.9%[14] - Additional paid-in capital increased to 41,171,000 from 40,825,000,reflectingagrowthofapproximately0.840,825,000, reflecting a growth of approximately 0.8%[14] - Total stockholders' equity decreased to 306,674,000 from 314,216,000,adeclineofabout2.4314,216,000, a decline of about 2.4%[14] - Marketable equity securities decreased to 42,005,000 from $43,203,000, a decline of about 2.8%[14] Operational Metrics - Average company-driver trucks decreased to 1,920 in Q2 2024 from 2,061 in Q2 2023[13] - Total miles driven in Q2 2024 were 45,829 thousand, down from 50,526 thousand in Q2 2023[13] - The company continues to focus on cost and efficiency measures to mitigate unfavorable market conditions and aims for a mid-80's operating ratio in the long term[3]