PAMT Q4 loss exceeds $31 million; revenue down 7%

Tontitown-based carrier PAMT Corp., formerly P.A.M. Transportation Services Inc., posted quarterly and annual losses and revenue declines in the fourth quarter and for 2024, respectively.

After the markets closed Tuesday (Feb. 11), PAMT reported a loss of $31.57 million, or a $1.45 per share loss, in the fourth quarter of 2024 from a loss of $2.23 million, or a 10 cents per share loss, in the same period in 2023. Revenue fell by 7.56% to $166.53 million from $180.16 million.

For 2024, the company reported a loss of $31.79 million, or a $1.45 per share loss, from earnings of $18.41 million, or 83 cents per share, in 2023. Revenue decreased by 11.85% to $714.64 million from $810.8 million.

PAMT is led by President and CEO Joe Vitiritto, who typically provides a statement in the company’s quarterly earnings report. Vitiritto did not give a statement in this report.

According to the report, the company changed accounting estimates related to salvage values and useful lives for its equipment in the fourth quarter that increased depreciation by $24.7 million. The company also recorded a $6.4 million impairment charge “to align the carrying value of revenue equipment to market values of used equipment, which have declined throughout 2024.”

Excluding the impact of the change and charge, the company’s loss was $7.8 million, or a 36 cents per share loss, in the fourth quarter.

In its logistics operations, revenue fell by 16.2% to $44.4 million in the fourth quarter of 2024 from $52.99 million in the same period in 2023. For 2024, revenue declined by 15.56% to $207.02 million from $245.19 million in 2023.

Following are other fourth-quarter metrics compared to the same period in 2023.
• Truckload operating ratio, comprising expenses as a revenue percentage, rose to 137.5% from 103.7%.
• Empty miles, or the percentage of miles trucks operate without a load, increased to 9.7% from 9.2%.
• Revenue per mile fell 5 cents to $2.10.
• Total loads fell to 93,778 from 94,776.
• Average company trucks declined to 1,754 from 1,938.
• Average owner-operator trucks increased to 510 from 299.

In November, PAMT completed its redomestication from Delaware to Nevada and changed its corporate name to PAMT Corp. from P.A.M. Transportation Services Inc. It also began trading on the NASDAQ under PAMT instead of PTSI.

Shares of PAMT (NASDAQ: PAMT) were trading Wednesday (Feb. 12) afternoon at $14.46, down 99 cents or 6.41%. In the past 52 weeks, the stock has ranged between $13.51 and $23.70.