PAM Transport Inc. of Tontitown (Nasdaq: PTSI) reported Wednesday a deep drop in income for the third quarter of fiscal 2023.
The company said income was $6.1 million, down 75% from $24.6 million in the same quarter a year ago. Earnings per share came to 28 cents, down from $1.09 a year ago.
The income came on reported revenue of $201.5 million, down 20% from $252.6 million.
“The third quarter presented very challenging comparisons to the same quarter last year,” PAM CEO Joe Vitiritto said. “The third quarter of 2022 was one of the best in our company’s history while the third quarter this year was faced with an unprecedented unfavorable truckload market.
“Despite market challenges, we did see improvement in factors that we believe will position the company favorably when truckload market conditions improve.”
The truckload market continues to deal with what industry officials call a freight recession. PAM reported transporting 105,342 loads, down from 110,192 a year ago.
Revenue per truck per week, a key truckload metric, saw a 16.3% drop to $3,819 from $4,562.
The company’s logistics division reported revenue of $62.1 million, down from $71.5 million in the same quarter a year ago.
“Looking ahead, we will continue to stay focused on investing in the areas of our business that will help us to consistently grow, increase efficiencies and deliver value to our customers, shareholders and employees,” Vitiritto said.
Shares of the company fell about 8% to $19.20 on Thursday. Year to date, shares were down 25%.
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