Proficient Auto Logistics, Inc. - PAL STOCK NEWS

Proficient Auto Logistics (NASDAQ: PAL) has appointed Brenda Frank to its Board of Directors. Frank currently serves as Group Senior Vice President of Human Resources, Buying Offices at Ross Stores, leading a team of over 80 professionals. She brings extensive experience in human capital management and legal matters, having previously held executive positions at Stericycle and Shred-it. Frank's background includes roles as Chief People Officer at Stericycle and Executive VP of HR, Franchise Relations, General Counsel & Secretary at Shred-it. She holds a J.D. from NYU School of Law and a B.S. in Accounting from SUNY Albany.

Proficient Auto Logistics (NASDAQ: PAL) provided an update on expected operating and financial metrics for Q3 FY2024. The company anticipates:

- Unit volumes: Flat to 1% decline compared to Q3 FY2023
- Revenue: $90-92 million, a 14-16% decline year-over-year
- Net income: Significantly degraded compared to Q2 FY2024

Factors affecting performance include:
- Reduced dedicated fleet, brokerage, and spot buy opportunities
- 1.9% decline in vehicle SAAR
- Uncertain job market and consumer hesitation due to interest rates

Despite challenges, the company reports ongoing improvement in its competitive position and successful integration efforts post-acquisition. PAL will host an investor conference call on November 8, 2024, to discuss final Q3 FY2024 results.

Proficient Auto Logistics (NASDAQ: PAL) reported Q2 2024 financial results, showing mixed performance. Total Operating Revenue increased 5.8% to $106.6 million, while Total Operating Income decreased 3.7% to $7.0 million. Adjusted Operating Income rose 19.4% to $8.73 million, with an improved Adjusted Operating Ratio of 91.8%. The company delivered 507,712 units, up 10.5% year-over-year.

CEO Rick O'Dell announced the upcoming acquisition of Auto Transport Group (ATG) in Q3, enhancing Proficient's coverage in the West. Despite strong results in April and May, June saw weakening customer demand. The company is making progress on key operating priorities, with financial impacts expected to become more evident over the next 12-18 months.

Proficient Auto Logistics (NASDAQ: PAL) has announced the timing for its second quarter 2024 earnings release. The company will disclose its financial results on Friday, August 9, 2024, at approximately 8:00 a.m. EDT. Following the release, an investor conference call is scheduled for 9:00 a.m. EDT to discuss the results. Investors are invited to participate in the call by registering through a provided link, which will grant them a dial-in number and a unique pin for access. Additionally, a listen-only webcast option is available for those who prefer to tune in without active participation.

Proficient Auto Logistics (NASDAQ: PAL) reported its Q1 2024 financial results. Operating income rose 7.9% to $6.54 million, income before taxes increased by 12.1% to $5.35 million, and EBITDA grew 1.8% to $10.86 million. Despite a 4.6% decline in revenue before fuel surcharge to $91.04 million, total operating expenses fell 7.5%, leading to an improved operating ratio of 93.2%. The company completed its IPO and the acquisition of five founding companies on May 13, 2024. While fuel surcharge reimbursements decreased by 35%, total unit deliveries increased by 2% year-over-year. Additionally, Proficient Transport, the accounting predecessor, reported net income of $1.19 million on $27.83 million in operating revenue.

Proficient Auto Logistics (NASDAQ: PAL) announced the release of its Q1 2024 financial results, scheduled for June 18, 2024, at 8:00 a.m. EDT. Immediately following the release, the company will host an investor conference call at 9:00 a.m. EDT to discuss the results. Investors can register for the call via a provided link to receive a dial-in number and unique pin. Alternatively, a listen-only webcast is available for access. These announcements are important for stakeholders to gauge the company's financial performance and future prospects.

Proficient Auto Logistics (NASDAQ: PAL) announced the partial exercise of its IPO over-allotment option. The company sold 1,435,000 shares of common stock at the IPO price of $15.00 per share, generating gross proceeds of approximately $21.5 million, before deducting underwriting discounts, commissions, and estimated offering expenses. Stifel, Nicolaus & Company, Raymond James & Associates, and William Blair & Company acted as joint book-running managers. The SEC declared the registration on Form S-1 effective on May 8, 2024.

Proficient Auto Logistics, Inc. (NASDAQ: PAL) announced the pricing of its initial public offering of 14,333,333 shares of common stock at $15.00 per share, raising approximately $215.0 million. This offering will fund the acquisitions of five operating businesses and their affiliated entities. The underwriters have an option to purchase additional shares. The Company plans to trade on Nasdaq under the ticker symbol 'PAL'.