By Connor Hart
Shares of Proficient Auto Logistics slid after the company said it expects revenue and profit to fall in the third quarter, dragged down by lower volumes.
The stock fell 13% to $12.19 in after-hours trading Wednesday. Shares, which ended the regular session up 4.3% to $13.94, have fallen 19% from their initial public offering price of $15 in May, and 42% from their all-time high of $21.01 in July.
The Jacksonville, Fla.-based freight company said it expects revenue between $90 million and $92 million, representing a 14% to 16% decrease from the previous year. Analysts surveyed by FactSet are expecting revenue of $107 million.
"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 with the second quarter, it said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
October 16, 2024 19:51 ET (23:51 GMT)
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