Proficient Auto Logistics Reports Third Quarter 2024 Financial Results

Proficient Auto Logistics, Inc. (NASDAQ: PAL) has recently disclosed its financial results for the third quarter of 2024. The company reported a total operating revenue of $91.5 million, representing a 12.5% decrease from the previous quarter. The total operating loss amounted to ($2.2) million as opposed to an operating income of $8.2 million in the same period last year. Adjusted operating income was reported at $1.1 million, compared to $8.2 million previously, with an adjusted operating ratio of 98.8% versus 92.2%. Total units delivered stood at 499,311, showing a slight decrease of 0.4%.

These figures were part of a combined financial report comprising Proficient Auto Logistics, Inc. and the company’s five founding entities. The decline in revenue was attributed to changes in the revenue mix, particularly affecting dedicated fleet services. Rick O’Dell, CEO of Proficient, noted that the company’s market share expanded gradually during the quarter despite a challenging market environment.

The integration of the five founding companies, along with the recent acquisition of Auto Transport Group, remains a focus for Proficient. By aligning operational and financial systems, the company aims to enhance efficiencies and streamline processes. Additionally, the completion of the initial public offering in May 2024 has positioned Proficient as one of the leading auto transportation fleets in North America.

Investors and interested parties are invited to a conference call scheduled for 9:00 am Eastern Time on November 8, 2024. During this call, company executives will discuss operational and financial details. Participants can register through a provided link to join the conference call or access a listen-only Webcast.

Proficient Auto Logistics emphasized that the information presented, including forward-looking statements, is subject to risks and uncertainties. The company’s financial disclosures and strategic directives are based on current expectations and business projections, with periodic updates planned as necessary.

The full text of the press release disclosing these financial results can be accessed as Exhibit 99.1 in the 8-K filing dated November 8, 2024. This article reflects only the details outlined in the disclosed SEC filing and supplementary materials for reference.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Proficient Auto Logistics’s 8K filing here.

Proficient Auto Logistics Company Profile

Proficient Auto Logistics, Inc focuses on providing auto transportation and logistics services in North America. It primarily focuses on transporting and delivering finished vehicles from automotive production facilities, ports of entry, and rail yards to a network of automotive dealerships. The company operates approximately 1,130 auto transport vehicles and trailers, including 615 company-owned transport vehicles and trailers.