PAM Transport Inc. of Tontitown on Tuesday reported record fourth-quarter and annual earnings.
PAM (Nasdaq: PTSI) reported fourth-quarter income of $3.2 million, up from $2.1 million in the same quarter of 2014. For 2015, PAM reported income of $21.4 million, an increase from $13.5 million in 2014.
Quarterly earnings per share reached 45 cents, up from 27 cents in the same quarter of 2014. EPS for the year was $2.93, up from $1.68 in 2014.
Revenue was up slightly for both the quarter and year despite significant drops in fuel surcharge revenue. PAM reported quarterly revenue of $102.4 million, up from $101.7 million in the same quarter last year, and the company reported annual revenue of $417.1 million, up from $410.9 million in 2014.
Fuel surcharge revenue, though, dropped to $12.8 million in the quarter, down from $22.8 million in the same quarter of 2014. For the year, fuel surcharge revenue was $61.6 million, down from $94.4 million.
"We are very pleased to report record earnings for both the fourth quarter and for the year," CEO Dan Cushman said in a statement. "What made 2015 especially satisfying was that we set a new record with significantly fewer assets. We did it by focusing on doing everything better."
PAM reported gains across the board in its trucking division in total miles, total loads and revenue per truck. PAM also increased its use of owner-operator trucks; in 2015 it had 414 owner-operators compared to 340 in 2014.
PAM’s asset-light logistics division saw a big bump in revenue. For the quarter, revenue was $10.6 million, compared to $7 million in the same quarter of 2014; for 2015, revenue was $44.1 million, up from $23.9 million in 2014.
"At the start of 2015, our goal was to continue to maintain our operating profit margins realized in 2014, but just as importantly, we wanted to grow," Cushman said. "Throughout the year we explored multiple growth opportunities, but in the end, only realized growth organically. Growth in our Logistics Division far exceeded our expectations and as a result, we were able to provide our customers with better than expected additional capacity."