P.A.M. 3Q profit falls 60%, revenue dips 9%

Tontitown-based carrier P.A.M. Transportation Services Inc. posted declines in earnings and revenue in the third quarter amid rising operating costs and hurricane- and customer-related challenges.

After the markets closed Thursday (Oct. 24), P.A.M. reported net income fell by 60.4% to $2.41 million, or 11 cents per share, in the third quarter from $6.09 million, or 28 cents per share, in the same period last year. Revenue fell by 9.3% to $182.57 million from $201.5 million.

“Our consolidated operating results for the third quarter of 2024 improved sequentially,” said President Joe Vitiritto. “The quarter started off slow because of extended, but planned, downtime from some of our biggest customers and ended slower than expected as we saw impacts to our business and volumes prior to Hurricane Helene. Inflationary operating costs continue to materialize, but we are determined to minimize the impact to our business and focus on factors that we can control. We continue to see signs that the market is improving, and I am confident that we are moving closer to a more normal truckload market. In these times, I am thankful for our whole team, especially all of our professional driving associates as they continue to demonstrate resiliency even in the face of challenges brought about from this tough environment.”

Through three quarters, the company had a net loss of $217,000, or a loss of 1 cent per share, compared with net income of $20.64 million, or 93 cents per share, in the same period last year. Revenue declined by 13% to $548.11 million from $630.63 million.

In the company’s logistics operations business, total revenue declined by 19.1% to $50.19 million in the third quarter from $62.09 million in the same period last year. Through three quarters, revenue fell by 15.3% to $162.61 million from $192.2 million.

Following are other metrics in the third quarter compared to the same period last year:
• Revenue per mile fell by four cents to $2.10.
• Average company-driver trucks fell by 187 to 1,820.
• Average owner-operator trucks increased by 155 to 481.

Shares of P.A.M. (NASDAQ: PTSI) were trading Monday (Oct. 28) at $16.08, down 7 cents or 0.42%. In the past 52 weeks, the stock has ranged between $13.51 and $22.88.