Pamt Corp., formerly Pam Transportation Services, saw another loss in the first quarter.
The Tontitown, Arkansas-based truckload carrier reported a net loss of $8.1 million, or 37 cents per share.
The result was negatively impacted compared to the year-ago quarter by lower non-operating income – primarily a decline in the market value of its equity securities portfolio (a 5-cent headwind) – and higher interest expense (a 4-cent headwind). Those items were offset by $3 million in gains on equipment sales versus a small loss in the 2024 first quarter (an 11-cent tailwind).
Consolidated revenue of $155 million was 15% lower year over year. Roughly one-third of its annual revenue is tied to the automobile industry.
The TL segment reported a 10% y/y revenue decline as average trucks in service fell 4% and revenue per truck per week was off 5%.
Loaded miles were down 7% y/y, and revenue per loaded mile fell 3% excluding fuel surcharges.
The unit booked a 110.9% operating ratio (inverse of operating margin), which was 670 basis points worse y/y. The first quarter marked the sixth straight operating loss for the unit.
Salaries, wages and benefits (as a percentage of revenue) increased 210 bps y/y, and depreciation expense was 420 bps higher (both on a consolidated basis).
Logistics revenue fell 25% y/y to $44 million. The segment reported a 98% OR, which was 410 bps worse y/y. The company doesn’t provide gross profit margins for the unit or operating metrics like load counts and revenue per load.
The company had an operating cash flow use of $1.4 million in the quarter versus generating $59 million in cash flow from operations for all of 2024.
Liquidity (cash, equity holdings and availability on its line of credit) of $163 million at the end of the quarter was $8 million lower than at the end of 2024. Outstanding debt of $309 million was down $16 million from the end of the year.
Shares of Pamt (NASDAQ: PAMT) were off 1.2% at 9:44 a.m. EDT on Thursday compared to the S&P 500, which was up 0.4%.
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