Financial Performance - Operating income for the first quarter of 2024 was $6.54 million, an increase of 7.9% year-over-year[3] - Total operating revenue for the first quarter of 2024 was $95.56 million, down from $102.35 million in 2023[5] - EBITDA for the first quarter of 2024 was $10.86 million, reflecting a 1.8% increase year-over-year[12] - Income before taxes increased by $577,000 year-over-year, totaling $5.35 million[11] - Proficient Transport reported a net income of $1,184,632 for March 2024, a decrease from $1,961,621 in March 2023, representing a decline of approximately 39.5%[21] - The company's EBITDA for March 2024 was $2,665,237, down from $3,520,651 in March 2023, indicating a decrease of about 24.4%[21] Revenue and Expenses - Revenue before fuel surcharge declined by $4.4 million, or 4.6%, compared to the same quarter in 2023[7] - Total operating expenses decreased by $7.3 million, or 7.5%, compared to the first quarter of 2023[9] - Fuel surcharge and reimbursements declined by $2.4 million, or approximately 35%, compared to the same quarter in 2023[8] - Interest expense increased to $452,390 in March 2024 from $261,944 in March 2023, reflecting a rise of approximately 72.5%[21] - Income tax expense decreased to $388,878 in March 2024 compared to $706,430 in March 2023, showing a reduction of about 45%[21] - Depreciation and amortization expense rose to $639,337 in March 2024 from $590,656 in March 2023, an increase of approximately 8.2%[21] Operational Metrics - Total units delivered increased by 2% year-over-year, totaling 460,210 units in 2024[3] - The operating ratio improved to 93.2% from 94.1% in the previous year[3] - The company initiated key operating initiatives post-IPO aimed at achieving cost synergies and increasing fleet utilization[3]
Proficient Auto Logistics, Inc.(PAL) - 2024 Q1 - Quarterly Results