Pamt Corp., formerly Pam Transportation Services, booked a big net loss during the fourth quarter.
Pamt Corp. (NASDAQ: PAMT) reported a headline net loss of $31.6 million, or $1.45 per share. The result included a $24.7 million one-time depreciation adjustment and a $6.4 million impairment tied to a drop in equipment valuations. Excluding the one-offs, the company booked an adjusted net loss of $7.8 million, or 36 cents per share.
The result fell short of a lone analyst estimate of 7 cents per share.
Consolidated revenue fell 7.6% year over year to $166.5 million.
The company’s truckload segment reported a 1.2% y/y increase in average trucks in service, but revenue per truck per week was off 3.3%. Loaded miles increased 1.9% during the quarter, but revenue per loaded mile was down 1.8%, excluding fuel surcharges.
The TL unit booked a 137.5% operating ratio (inverse of operating margin), but the bulk of the valuation adjustments on equipment likely hit the segment. This was the fifth consecutive operating loss for the unit.
Logistics revenue fell 16.2% y/y to $44.4 million. The unit reported a 98.3% OR, 400 basis points worse y/y. The company doesn’t provide gross profit margins for the unit or operating metrics like load counts and revenue per load.
Pamt Corp. generated $59 million in operating cash flow during 2024. It closed the year with $170.5 million in liquidity, which included cash, equity holdings and availability on its line of credit. Outstanding debt was up $63.9 million y/y to $325.6 million. However, it purchased equipment totaling $163 million during the year.
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