Truckload carrier Pamt Corp. continues to cut its fleet to restore profitability.
Pamt (NASDAQ: PAMT) reported a second-quarter net loss of $7.4 million, or 36 cents per share, Tuesday evening. Excluding the impact from a one-time accrual related to prior auto liability claims, earnings per share were 25 cents. (Pamt booked a net loss of 46 cents per share in the year-ago period.)
The second quarter marked Pamt’s seventh consecutive quarterly net loss.
The company had roughly 6 cents per share in net headwinds that were not excluded from the EPS number. Lower gains on equipment sales (14 cents per share) and higher interest expense (2 cents per share) were headwinds compared to the 2025 second quarter. Higher non-operating income, which is mostly the change in value of its stock portfolio, was a 10-cent tailwind.
Consolidated revenue increased 9% year over year to $165 million. Revenue was up just 2% excluding fuel surcharges.
The truckload unit saw a 7% y/y revenue decline (ex-fuel) as average trucks in service fell 4% and revenue per truck per week was down 3%. Loaded miles per truck increased 15% y/y in the quarter. Revenue per loaded mile (ex-fuel) was off 5% y/y, but up 4% from the first quarter.
“For the first time in more than three years, market conditions enabled a meaningful sequential increase in rate per total mile,” said Pamt President Lance Stewart. “This marks an important step toward addressing rates that have been pressured lower while inflationary cost pressures have persisted.”
The company’s fleet count was just under 2,000 units in the period, down from over 2,400 tractors three years ago.
The TL unit booked a 114.2% operating ratio (inverse of operating margin) but the OR was 110.6% excluding the one-time insurance accrual. The adjusted number was 190 basis points better y/y.
The quarter marked 11 straight operating losses for the TL unit.
“As industry dynamics continue to constrain driver supply, we believe opportunities for further rate correction remain, and we have achieved additional progress through the date of this release,” Stewart said.
The logistics unit reported $51 million in revenue, a 24% y/y increase. The unit saw 230 bps of margin improvement, booking a 96.4% OR.
Pamt doesn’t provide gross profit margins for the unit, nor operating metrics like load counts and revenue per load.
Pamt used $16.7 million in operating cash flow in the first half of the year. Liquidity (cash, equity holdings and availability on its line of credit) of $117 million was $24 million lower than in the first quarter. Outstanding debt increased $12 million to $333 million.
The company announced that Daniel Kleine was appointed chief financial officer on Thursday. Kleine joined Pamt three years ago as vice president of tax. He most recently served as the company’s senior vice president of finance and treasurer.
Why it matters? Pamt’s results show how some carriers are cutting fleet counts to return to or improve profitability.
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