Proficient Auto Logistics shares are trading lower after the company announced it expects its Q3 net income to be significantly degraded due to a reduced level of revenue and resulting loss of operating leverage. Also, the company said it expects that the Longshoremen strike could have negatively impacted unit volumes during Q4 and beyond.
Portfolio Pulse from Benzinga Newsdesk
Proficient Auto Logistics (PAL) shares are trading lower following the company's announcement of expected significant degradation in Q3 net income due to reduced revenue and loss of operating leverage. Additionally, the Longshoremen strike may negatively impact unit volumes in Q4 and beyond.
October 16, 2024 | 8:30 pm
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Proficient Auto Logistics anticipates a significant decline in Q3 net income due to reduced revenue and loss of operating leverage. The Longshoremen strike may further impact Q4 unit volumes.
The announcement of reduced revenue and loss of operating leverage directly impacts PAL's financial performance, leading to a significant expected decline in Q3 net income. The potential negative impact of the Longshoremen strike on Q4 unit volumes adds further downside risk, likely causing short-term negative sentiment and pressure on PAL's stock price.
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