P.A.M. Transportation’s Q2 results show strength in TL market

Q2 earnings season off to a good start

P.A.M. Transportation Services (NASDAQ: PTSI) announced second-quarter 2021 net income of $15.3 million after the market close Wednesday. The result reflected a sharp turnaround from the year-ago quarter during which the company recorded an $800,000 loss as the auto manufacturing sector, from which it generates roughly half of its revenue, was shut down due to COVID protocols.

“It was only one year ago that we were scrambling to find replacement freight as many of our largest customers reacted...

https://www.freightwaves.com/news/pam-transportation-q2-results-show-strength-in-tl-market

P.A.M. Transportation sees turnaround in Q1

P.A.M. Transportation sees fundamentals improve in March

P.A.M. Transportation Services (NASDAQ: PTSI) reported net income of $11.9 million during the first quarter of 2021 compared to a loss of $1.3 million in the year-ago quarter.

The Tontitown, Arkansas-based carrier’s consolidated revenue increased 15% year-over-year to $149 million as its logistics division saw revenue more than double in the period.

The company doesn’t provide operating metrics — loads, revenue per load or gross margin — for its logistics segment but the operating ratio improved...

https://s29755.pcdn.co/news/pam-transportation-sees-turnaround-in-q1

New SPAC looks to invest in transportation, logistics providers in ‘heartland’

A new special purpose acquisition company (SPAC) that has identified transportation and logistics as a target area for acquisitions also comes with another reason it might target a specific company: location.

In the recent S-1 filing for the MDH Acquisition Corp., the company says it is looking for acquisition targets in what it calls “the heartland.” The $230 million SPAC will search for an “initial” acquisition target in an area it described as bounded by the Rockies in the west, the East...

https://www.freightwaves.com/news/new-spac-looks-to-invest-in-transportation-logistics-providers-in-heartland

Western Express fending off latest wage/rest break lawsuit

Western Express has asserted that the latest class action lawsuit filed against the company alleging wage and rest break violations should be dismissed for failure by plaintiffs to prove their case.

The lawsuit, filed earlier this month by a truck driver based in Washington state, asserts that the Nashville, Tennessee-based truckload carrier failed to pay him and other drivers minimum wage as required under federal law, as well as failed to pay for rest breaks and other non-driving work time as...

https://www.freightwaves.com/news/western-express-fending-off-latest-wagerest-break-lawsuit

P.A.M. Transportation’s Q3 well ahead of forecasts

P.A.M. Transportation truck on highway

P.A.M. Transportation Services (NASDAQ: PTSI) reported a “marked improvement” during the third quarter as the truckload (TL) industry distanced itself from a second quarter that displayed steadily improving demand trends, albeit off of a low base, and incremental costs associated with COVID-19.

The Tontitown, Arkansas-based carrier reported net income of $6 million or $1.04 per share. Excluding losses from investments in equity securities, the carrier reported adjusted net income of $6.4...

https://s29755.pcdn.co/news/pam-transportations-q3-well-ahead-of-forecasts

Auto manufacturing woes sink P.A.M. Transportation’s Q2

P.A.M. Transportation truck on highway under dark clouds

P.A.M. Transportation Services (NASDAQ: PTSI) on Thursday reported a net loss of $823,000, 14 cents per share, which includes investments in equity securities. Excluding the investments, the dry-van truckload (TL) carrier lost 43 cents per share. Analysts’ estimates were for a profit of 15 cents per share.

The Tontitown, Arkansas-based carrier reported a 30% year-over-year decline in total revenue to $93 million as truck loads were down 26% and revenue per mile excluding fuel fell 7%. Revenue...

https://www.freightwaves.com/news/auto-manufacturing-woes-sink-pam-transportations-q2

Moroun, whose company controlled P.A.M. and Universal, dead at 93

The man who led the family that controls P.A.M. Transportation and 3PL Universal Logistics has died.

Manuel Moroun was 93, according to Detroit-area press reports of his death Sunday. The news stories about him focused on his ownership of the Canada-to-Detroit Ambassador Bridge and his fight to stop an alternative route, the Gordie Howe Bridge, which is now under construction. Moroun’s ownership of the Ambassador Bridge is an anomaly in the U.S. road system; he gained full ownership of the...

https://s29755.pcdn.co/news/moroun-whose-company-controlled-p-a-m-and-universal-dead-at-93

Celadon in talks to sell Mexican business for $2.4 million

Tractor-trailers of Celadon's Jaguar Transportation

Bankrupt Celadon Group is pursuing a deal to sell its Mexican businesses to White Willow Holdings for $2.4 million after the proposed $7 million sale to P.A.M. Transportation Services fell through, according to a court filing.

Luminus Management-backed White Willow “put forth the best offer” for its Mexican subsidiaries, Celadon said in an April 30 filing in U.S. Bankruptcy Court. The deal also provides for 78% of Mexican tax refunds owed to Celadon – worth as much as $18.5 million – going back...

https://s29755.pcdn.co/news/celadon-in-talks-to-sell-mexican-business-for-2-4-million

Cushman to step down as CEO at P.A.M. Transportation

P.A.M. rig on highway

P.A.M. Transportation Services (NASDAQ: PTSI) announced that President and CEO Dan Cushman will retire after 11 years at the helm. He will remain with the company in an “advisory role” until July 31.

Cushman’s retirement is effective May 1.

The Tontitown, Arkansas-based truckload (TL) carrier plans to begin an “internal and external national search” to fill the vacancy.

“On behalf of the Board of Directors and our entire company, I want to sincerely thank Dan for his transformative leadership and...

https://www.freightwaves.com/news/cushman-to-step-down-as-ceo-at-pam-transportation

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