PAM Transportation: Drops as strike at customer GM delivers 'blow' to profit

PAMT

15/10/2019 17:03

** U.S. truckload services provider's shares  PTSI.O  drop
as much as 5.4% to $64.30, set for their worst day in almost
three weeks 
    ** Q3 profit falls 50.5% to $4.6 mln, hurt by an ongoing
workers' strike at General Motors Co  GM.N , its biggest
customer, which provides 20% of its annual sales  urn:newsml:reuters.com:*:nGNXbkyMtd
    ** Chairman Daniel Cushman says co's operations took a
"blow" from the strike in Q3 as its "largest customer
essentially shut down operations without warning"
    ** "The strike is not good for us and we will not be at
optimum performance levels for as long as it lasts," he adds
    ** PTSI is among the first few companies in GM's supply
chain to outline the impact of the strike, which is in its fifth
week now
    ** Earlier this month, Canadian auto parts maker Linamar
Corp  LNR.TO  estimated a profit hit of up to C$1 mln per day
due to a fall in orders from customer GM  urn:newsml:reuters.com:*:nL3N26O2WB
    ** Stock up 72.6% this year, as of last close 

 (Reporting by Ankit Ajmera in Bengaluru)
 ((ankit.ajmera@thomsonreuters.com))