PAM Transport Inc. of Tontitown (Nasdaq: PTSI) reported Wednesday a second-quarter loss of $2.9 million, down from a profit of $9.3 million a year ago.
The loss came on revenue of $182.9 million, which was down from $207.4 million in the same quarter a year ago.
Earnings per share came to a loss of 13 cents.
“The quarter started off slower than anticipated but began to show signs of seasonal demand patterns that were more consistent with pre-covid periods and we saw capacity tightening some as we moved towards the end of the quarter,” PAM CEO Joe Vitiritto said in a statement. “We continue to see downward rate pressure, but we are also seeing some opportunities that tell us we may be getting closer to a cycle change. Our continued focus on cost and efficiency measures helps us to mitigate the current unfavorable freight market.”
The company’s truckload division reported transporting 110,511 loads, slightly up from 109,000 a year ago. Total miles dropped to 45.8 million from 50.5 million.
Revenue per truck per week was $3,572, down from $3,868 a year ago.
The logistics division reported revenue of $53.6 million, down from $61.8 million.
Shares of the company dipped at the opening bell Thursday before rebounding to $20.42. Year to date, shares were down less than 1%.
Vitiritto told Arkansas Business in May that the company was dealing with “one of the toughest environments, if not the toughest, I have seen in the last 30 years.” He said inflationary pressures and an oversupply of capacity have had a negative impact on transportation rates.
PAM is in the process of a multiyear effort to expand its geographical footprint. “It is going to take time, but today, we do almost 100% of our revenue in the eastern half of the United States,” Vitiritto said. “There are going to be opportunities in the years to come to organically grow in other regions of the U.S. and possibly Canada.”
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