Welcome to our dedicated page for P.A.M. Transportation Services news (Ticker: PTSI), a resource for investors and traders seeking the latest updates and insights on P.A.M. Transportation Services stock.
P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) delivers essential logistics solutions through nationwide truckload services and cross-border operations. This news hub provides investors and industry professionals with timely updates on the company's operational developments, financial performance, and strategic initiatives.
Access comprehensive coverage of earnings announcements, service expansions, leadership changes, and market positioning updates. Our curated collection features official press releases and third-party analysis regarding PTSI's dry van transportation, expedited freight capabilities, and intermodal logistics network across North America.
Stay informed about critical developments including regulatory compliance updates, fleet modernization efforts, and strategic partnerships in the transportation sector. The repository serves as a neutral reference for tracking PTSI's progress in serving manufacturing, retail, and automotive clients through its Arkansas-based operations.
Bookmark this page for streamlined access to P.A.M. Transportation Services' latest announcements. Check regularly for updates on cross-border logistics expansions into Canada and Mexico, operational efficiency initiatives, and industry recognition relevant to long-term investors and supply chain analysts.
P.A.M. Transportation Services (NASDAQ: PTSI) announced its redomestication from Delaware to Nevada, effective November 7, 2024, and will be renamed to PAMT CORP. The company's stock will continue trading on Nasdaq as 'PTSI' until November 12, 2024, when it will switch to the new symbol 'PAMT'. Each share of common stock will automatically convert on a one-to-one basis, with existing stock certificates remaining valid. The redomestication, approved by both board and shareholders, won't affect the company's business operations, management, assets, liabilities, or net worth.
P.A.M. Transportation Services reported consolidated net income of $2.4 million, or $0.11 per diluted share, for Q3 2024, compared to $6.1 million, or $0.28 per share, in Q3 2023. Operating revenues decreased 9.4% to $182.6 million from $201.5 million year-over-year. The company's operating ratio was 98.7%, with operating income of $2.3 million. The quarter was impacted by extended customer downtime and Hurricane Helene. As of September 30, 2024, the company had $152.2 million in combined cash, marketable securities, and credit line availability, with outstanding debt of $288.7 million.
P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) reported a challenging second quarter 2024, with total revenues of $182.9 million, down 11.8% year-over-year. The company experienced an operating loss of $0.7 million and a consolidated net loss of $2.9 million, or diluted loss per share of $0.13. This compares to net income of $9.3 million and earnings per share of $0.42 in Q2 2023.
Despite the downturn, President Joe Vitiritto noted signs of seasonal demand patterns and capacity tightening towards the quarter's end. The company maintains a strong financial position with $173.9 million in cash, marketable securities, and available credit, alongside $306.7 million in stockholders' equity. PTSI generated $28.4 million in operating cash flow during the first half of 2024.
P.A.M. Transportation Services announced the final results of its modified Dutch auction tender offer to repurchase up to 550,000 shares of its common stock. The offer, which expired on May 22, 2024, concluded with the company purchasing 284,206 shares at $18.00 per share, totaling $5.11 million. This represents approximately 1.3% of the company's issued and outstanding shares. Post-transaction, the company has 21,755,186 shares outstanding. P.A.M. Transportation may repurchase additional shares in the future, subject to market conditions and other relevant factors. However, no additional shares can be repurchased until June 7, 2024.
P.A.M. Transportation Services (NASDAQ: PTSI) announced preliminary results for its modified 'Dutch auction' tender offer to repurchase up to 550,000 shares of common stock, which expired on May 22, 2024. Approximately 284,222 shares were properly tendered and accepted at a price of $18.00 per share, totaling around $5.1 million. This represents about 1.3% of the company's outstanding shares as of April 19, 2024. The final number of shares and purchase price will be confirmed by Computershare Trust Company, the depositary for the tender offer, by May 28, 2024. The company may repurchase additional shares after June 7, 2024, depending on various business and market conditions.
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