Proficient Auto Logistics Provides Update on Expected Operating and Financial Metrics for Third Quarter of Fiscal 2024; Sets Date to Report Third Quarter Financial Results
16 Octobre 2024 - 10:15PM
Business Wire
Proficient Auto Logistics, Inc. (NASDAQ: PAL) today provided an
update on certain expected operating and financial metrics for the
third quarter of fiscal 2024.
As noted during the Company’s second quarter earnings call in
early August, unit volumes slowed during June with the slowdown
continuing into July. While there were specific events in July –
such as seasonal plant closures during the first two weeks of the
month – the Company also made note of its OEM customers’ cautionary
tone regarding their outlook for the second half of 2024.
Weakness in unit volumes continued throughout the third quarter
of 2024, resulting in estimated unit volumes of flat to a decline
of 1% compared to combined unit volumes for the third quarter of
2023. Volume underperformance resulted primarily from significantly
less dedicated fleet, brokerage and spot buy opportunities, which
are typically at premium pricing, the combined result being an
estimated $90 - $92 million in revenue for the third quarter, which
represents a decline of 14 - 16% compared to combined revenue for
the third quarter of 2023. Given the reduced level of revenue and
resulting loss of operating leverage, the Company expects that net
income for the third quarter of 2024 will be significantly degraded
compared to results reported for the quarter ended June 30,
2024.
Macroeconomic factors affecting unit volumes include a decline
in vehicle SAAR (seasonally adjusted annual sales rates), which for
the full quarter ending September 30, 2024, was estimated to be
lower by 1.9% compared to the same quarter in 2023. The Company’s
management notes industry commentary that vehicle sales were
negatively impacted by consumers feeling the adverse effect of an
uncertain job market as well as possibly waiting for anticipated
interest rate cuts before committing to big ticket purchases such
as autos.
The Company’s longer-term operating initiatives, including
post-acquisition integration efforts, remain on pace and the
Company is seeing evidence of on-going improvement in its
competitive position in the auto hauling industry, both from
increased market share as well as the recent acquisition of the
Auto Transport Group, LC. While a protracted east coast
longshoremen strike could have negatively impacted unit volumes
during the fourth quarter of 2024 and beyond, the short duration of
the work stoppage should have a modest impact at most. The Company
will provide further details regarding these matters when it
reports its final results for the third quarter of 2024 in early
November.
The preceding information reflects our preliminary estimates
with respect to our operating results for the three months ended
September 30, 2024, which are based on currently available
information and are subject to change. We have provided ranges,
rather than specific amounts, for the preliminary operating results
described above primarily because our financial closing procedures
for the three months ended September 30, 2024, are not yet complete
and, as a result, our final operating results upon completion of
our closing procedures may vary from these preliminary estimates.
These preliminary estimates should not be viewed as a substitute
for interim financial statements prepared in accordance with U.S.
generally accepted accounting principles (“GAAP”).
The preliminary operating results have been prepared by, and are
the responsibility of, the Company’s management. This information
has not been subjected to audit, review or agreed-upon procedures
of any audit firm, and therefore, there is no independent opinion
or any other form of assurance with respect thereto.
Conference Call
The Company will host an investor conference call at 9:00 a.m.
EST on November 8, 2024, to discuss its final results for the third
quarter of 2024. Investors are invited to join the conference call
by registering through this link:
https://register.vevent.com/register/BIa4ca1dc40b7a4f09acf1b73b5360ddb5;
once registered, you will receive a dial-in and a unique pin to
join the conference. You may also join the listen-only Webcast at:
https://edge.media-server.com/mmc/p/b6j4vkr5.
About Proficient Auto Logistics
We are a leading non-union, specialized freight company focused
on providing auto transportation and logistics services. Through
the combination of five industry-leading operating companies in
conjunction with our IPO in May 2024, we operate one of the largest
auto transportation fleets in North America. We offer a broad range
of auto transportation and logistics services, primarily focused on
transporting finished vehicles from automotive production
facilities, marine ports of entry, or regional rail yards to auto
dealerships around the country.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, which statements involve substantial risks and uncertainties.
Forward-looking statements generally relate to possible or assume
future results of our business, financial condition, results of
operations, liquidity, plans and objectives. You can generally
identify forward-looking statements because they contain words such
as “may,” “will,” “should,” “expects,” “plans,” “anticipates,”
“could,” “intends,” “target,” “projects,” “contemplates,”
“believes,” “estimates,” “predicts,” “potential” or “continue” or
the negative of these terms or other similar expressions that
concern our expectations, strategy, plans or intentions. We have
based these forward-looking statements largely on our current
expectations and projections regarding future events and trends
that we believe may affect our business, financial condition and
results of operations. The outcome of the events described in these
forward-looking statements is subject to risks, uncertainties and
other factors described in the section entitled “Risk Factors” in
our Registration Statement on Form S-1 (333-278629) (the
“Registration Statement”), and elsewhere in the Registration
Statement. Accordingly, you should not rely upon forward-looking
statements as predictions of future events. We cannot assure you
that the results, events and circumstances reflected in the
forward-looking statements will be achieved or occur, and actual
results, events or circumstances could differ materially from those
projected in the forward-looking statements. Forward-looking
statements contained in this press release include, but are not
limited to, the Company’s expectation regarding its third quarter
operating and financial results and the economic conditions in the
markets in which the Company operates.
The forward-looking statements made in this press release relate
only to events as of the date on which the statements are made. We
undertake no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which the
statement is made or to reflect the occurrence of unanticipated
events. We may not actually achieve the plans, intentions or
expectations disclosed in our forward-looking statements and you
should not place undue reliance on our forward-looking statements.
We do not assume any obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20241016735722/en/
Investor Relations: Brad Wright Chief Financial Officer and
Secretary Phone: 904-506-4317 email:
Investor.relations@proficientautologistics.com
Proficient Auto Logistics (NASDAQ:PAL)
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