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)
Copyright (c) 2024 Dow Jones & Company, Inc.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。