Proficient Auto Logistics used the seasonally slower third quarter to show it can grow and streamline at the same time. The Jacksonville-based car-haul specialist reported total operating revenue of $114.3 million for the three months ended Sept. 30, up 24.9% year over year, with adjusted operating ratio improving to 96.3%. Unit deliveries rose 21% to 605,341, and investors took notice: the stock jumped more than 12% in after-hours trading on Tuesday, Nov. 11.
Scale was a clear theme. The company’s April purchase of Brothers Auto Transport helped push deliveries higher, and management continues to tilt mix toward assets it controls. Company-truck moves climbed 24.8% to 209,340 loads while subhauler moves rose 19.4% to 396,001—progress toward a strategy that aims to capture more margin as in-house capacity grows.
Even with the usual late-summer slowdown—Q3’s 605,341 units trailed Q2’s 631,426—the quality of the freight improved. On the call, management indicated revenue per unit excluding fuel averaged roughly $173, up about 3% year over year, as contract volumes and network execution offset pricing pressure. Combined with the better OR, that signals operational tightening, not just a volume pop.
Under the hood, Proficient booked $1.9 million of restructuring charges tied to consolidation and organizational realignment. Those actions are expected to generate more than $3 million in annual savings, substantially beginning in 2026, and were excluded from the adjusted OR calculation. It also recorded about $725,000 of one-time accelerated stock compensation related to those changes. For operators wrestling with overhead, that roadmap—take near-term pain to lock in durable savings—matters.
The balance sheet moved in the right direction as well. Cash ended the quarter at $14.5 million and total debt at $79.2 million, down $11 million sequentially after paying down the revolver and making scheduled amortization. Management also highlighted about $11.5 million in operating cash flow during the quarter and said net leverage sits near 1.7x on trailing adjusted EBITDA—running room that can support fleet refresh, driver recruiting and terminal improvements without overreliance on pricier capital.
Wall Street’s first reads were mixed but constructive. While shares rallied on the print, Barrington Research on Wednesday, Nov. 12, trimmed its target to $15 from $17 while maintaining an Outperform rating, signaling acknowledgment of progress tempered by a cautious industry backdrop. For fleets, that translates to a market where execution wins are rewarded, but expectations remain disciplined.
Why this matters to car haulers and diversified truckers: Proficient’s quarter underscores where margin is found in finished-vehicle logistics right now—dense networks, higher asset utilization, and a shift toward company-driven capacity that limits third-party leakage. Management also said OEM contract freight accounted for roughly 93% of transportation revenue in Q3 and cited $4.2 million in dedicated fleet revenue—signals of steady, programmatic business that can stabilize lanes and driver schedules, even if spot or auction flows wobble. For carriers, winning and executing sticky OEM work, reducing empty miles, and consolidating SG&A can matter more than chasing price.
Sources: FreightWaves, Proficient Auto Logistics (GlobeNewswire), Investing.com, MarketScreener
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