Proficient Auto Logistics used the third quarter to prove that scale and integration are starting to matter. The auto hauler reported on November 11 that revenue jumped nearly 25% year over year while efficiency ticked higher, a combination that suggests the enlarged network is beginning to translate into better execution even as profitability stays thin.
For the quarter ended September 30, total operating revenue rose to $114.3 million, units delivered climbed 21% to 605,341, and the adjusted operating ratio improved to 96.3% from 98.8% a year ago. Adjusted operating income reached $4.2 million, though GAAP results still showed a small operating loss of $0.1 million. Management characterized the period as seasonally slower but said profitability improved on market share gains and ongoing operational work.
Under the hood, the mix and yields were nuanced. Company-delivered units increased 24.8% to 209,340, outpacing subhaul growth of 19.4%. Average revenue per company-delivered unit eased to $181.42 (down 1.5% year over year) while subhaul revenue per unit rose to $167.97 (up 4.3%). Company-delivered revenue accounted for 36% of the total, with subhauls at 64%. Those shifts point to heavier utilization of owned assets—an important lever for network control—even as pricing dynamics varied by channel.
The balance sheet moved in the right direction for a capital-intensive carrier. Proficient paid down $11 million of debt in the quarter, including fully repaying a $5 million revolver balance, ending with $79.2 million of total debt and $14.5 million of cash. Net leverage sits around 1.7x on trailing adjusted EBITDA, a level that gives the company some room to keep refreshing equipment and supporting integration without overextending. Management said free cash generation supported the deleveraging.
Cost actions were a swing factor. The company booked $1.9 million in restructuring charges tied to consolidation, staffing changes and insurance adjustments, and noted a one-time $725,000 acceleration of stock compensation. Those moves are expected to yield ongoing savings of more than $3 million annually starting in 2026—helpful tailwinds for an operation still running in the mid‑90s OR.
Wall Street’s first take was mixed but constructive. An earnings summary highlighted a larger‑than‑expected EPS loss of $0.11 versus consensus, yet the stock edged higher in after-hours trading on November 11 as investors focused on revenue growth, OR progress and cash discipline. Commentary around the call also flagged a still‑cautious pricing backdrop on new work, reinforcing why cost control and asset utilization remain front and center for auto-haul margins.
What matters for carriers: OR improvement, even in small steps, is the scoreboard for whether scale is translating into network benefits—denser lanes, fewer empty miles and less reliance on purchased transportation. Proficient’s faster growth in company-delivered units versus subhauls is directionally positive for service control, though the slight dip in company yield shows the margin story still depends on lane mix and disciplined pricing. The debt paydown lowers interest drag and gives more flexibility to invest in tractors and trailers that keep fleet age competitive.
What to watch next: revenue per unit trends through year-end, capex pacing (management pegged 2025 equipment spend around $10 million), the cadence of additional integration savings, and whether the dedicated fleet—down year over year to $4.2 million in Q3—stabilizes. Each of these will help determine if Proficient can push OR below the mid‑90s on a sustained basis while absorbing normal auto‑market seasonality.
Sources: FreightWaves, GlobeNewswire, Investing.com
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