PAM Transport

Marten’s earnings and almost all other key operating metrics down

(Editor’s note: A table posted yesterday by FreightWaves of key financial and operational data from Marten had errors. That table has been removed. The accompanying table is accurate).

Third-quarter earnings at Marten Transport were negative almost across the board, with little sign of a truckload market recovery visible in the numbers.

The company was profitable; it posted net earnings of 5 cents per share, down from 17 cents in the third quarter of 2023 and 10 cents per share in the second...

https://www.freightwaves.com/news/martens-earnings-and-almost-all-other-key-operating-metrics-down

Pam sets Dutch auction to buy back shares; battered stock price soars

Pam Transportation, the auto industry-focused truckload carrier whose stock has been battered in the past year and beyond, is buying back some of its shares through a process known as a Dutch auction. 

Companies buy back their stock frequently but generally do so in a lower-key manner, entering the market as an occasional or frequent buyer operating through the normal processes of the equity markets. Companies often declare their intention to buy back stock over a certain period, but the...

https://www.freightwaves.com/news/pam-sets-dutch-auction-to-buy-back-shares-battered-stock-price-soars

P.A.M. Transportation sees margin deterioration in no-peak Q4

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Truckload carrier P.A.M. Transportation Services didn’t provide an outlook for 2023 in its...

PAM, flying high on Wall Street, sets $1 billion target for 2025

PAM Transport, whose stock has risen roughly 185% in the past 12 months, has spelled out its ambitious long-term goals in an unusual way.

The truckload carrier, which traditionally has depended heavily on auto industry-related business, announced it would be a presenter at the Dec. 1 Stephens Annual Investment Conference. That in itself was somewhat surprising, with more than 65% of PAM (NASDAQ: PTSI) owned by Matthew T. Moroun or trusts tied to him. Companies like that generally have less of a...

https://www.freightwaves.com/news/pam-flying-high-on-wall-street-sets-1-billion-target-for-2025

National Driver Appreciation Week kicks off Sunday

National Driver Appreciation Week

It’s been a challenging year for truck drivers working around-the-clock to deliver critical medical supplies, food and other essentials during the COVID-19 pandemic, as well as those hauling relief provisions to several states ravaged by wildfires and Hurricane Laura.

Starting Sunday, the trucking industry will come together to celebrate truck drivers during National Driver Appreciation Week, Sept. 13-19. 

Companies like PAM Transport, Driver Solutions, Schneider, Averitt Express and Shell...

https://s29755.pcdn.co/news/national-driver-appreciation-week-kicks-off-sunday

The Daily Dash: Tax penalties, HOS exemptions and a better way to price insurance

Mileage based user fee study finds trucks pay less in tax

The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, a new study has found that fuel-efficient trucks may pay higher taxes than older, fuel-guzzling trucks under a mileage-based system. Plus, more hours-of-service exemptions have been issued, an insurance startup thinks it has a better way to price insurance, and TFI International could be shifting into acquisition mode.

Mileage-based taxes may not solve highway funding problems

A multi-state study of...

https://s29755.pcdn.co/news/the-daily-dash-tax-penalties-hos-exemptions-and-a-better-way-to-price-insurance

The Daily Dash: When will the freight market bears throw in the towel?

Two tractor-trailers, side by side, heading down wet highway.

The Daily Dash is a quick look at what is happening today in the state of freight.

When will the freight market bears throw in the towel?  

There are still quite a few freight market watchers who are bearish on volumes and a recovery. This is with outbound tender volumes exploding higher, along with spot market rates. At this level it won’t be long until market chatter focuses on hikes in contract rates. 

The Outbound Tender Volume Index (OTVI) continues to expand week over week. This week,...

https://www.freightwaves.com/news/the-daily-dash-when-will-the-freight-market-bears-throw-in-the-towel

PAM hires Knight-Swift exec Vitiritto as CEO, president

PAM Transport has reached into the Knight Swift management team to find its new president and CEO.

Joe Vitiritto was a senior vice president at Knight Swift, having come out of the Knight side of the 2017 merger. He will become president and CEO at Arkansas-based PAM on Aug. 18, though he will not become chairman. Matthew Moroun, son of Manuel Moroun who controlled PAM until his recent death, will remain as the company’s chairman of the board.

Moroun had been interim CEO since the May 1...

https://s29755.pcdn.co/news/pam-hires-knight-swift-exec-vitiritto-as-ceo-president