PAM Transport Reports Big Profit Gain

PAM Transport Inc. of Tontitown reported Wednesday income of $11.9 million for the first quarter of 2021.

That represents an increase from a loss of $1.3 million in the same quarter a year ago. It follows up the company's $14 million income from the fourth quarter of 2020.

Earning per share was $2.08 for the first quarter of 2021, an increase from the loss of 23 cents a year ago. Revenue was $148.9 million for the quarter, up from $129.2 million in the same quarter a year ago.

Even with what he said was a record first quarter, PAM CEO Joe Vitiritto said the company missed some of its goals because harsh winter weather in February affected some primary routes. 

"Although we had a record first quarter and our team navigated the challenges well, we are not satisfied with these results," Vitiritto said. "We recovered well and regained momentum as we progressed through March but not enough to fully recover the February lost opportunities. We will continue to focus on the challenging driver market and are doing whatever is necessary to find, retain, and grow our driving force, which is our most valuable asset."

The company's trucking segment reported a decrease in overall loads, from 97,013 to 90,097, but Vitiritto said PAM achieved better rates in the quarter. Revenue per truck per week, a key metric, was $3,530, up from $3,355 in the same quarter a year ago.

The company’s logistics segment reported revenue of $44.8 million, up from $20.5 million a year ago.