PAM Transport Inc. of Tontitown (Nasdaq: PTSI) reported Thursday a loss of income for the fourth quarter of fiscal 2023.
PAM said it lost $2.2 million, a decrease from a profit of $17.9 million in the same quarter a year ago. Per share, it was a loss of 10 cents, down from a profit of 81 cents per share a year ago.
CEO Joe Vitiritto said the results reflect a weak freight environment and the impact of the United Auto Workers strike. PAM has several customers in the auto industry.
“Unlike previous UAW strikes, the approach taken in the 2023 strike was impactful to the majority of our auto customer base including both auto manufacturers and suppliers,” Vitiritto said. “While the strike ended by mid-November, the negative impact carried on through the typical holiday shutdowns with no post-strike surge in automotive business that we have sometimes experienced after past UAW strikes.”
Fourth-quarter revenue was $180.2 million, down 24.1% from $237.6 million.
For the fiscal year, PAM reported revenue of $810.8 million, down 14.4% from $946.9 million. Fiscal income was $18.4 million, down 79.8% from $90.9 million; earnings per share came to 83 cents, down from $4.04.
PAM said it had delivered 94,776 loads in the fourth quarter, down from more than 104,000 a year ago. For the year, loads were up, from 406,053 to 411,548.
Revenue per truck per week was $3,722 for the quarter, down from $4,466. For the year, revenue per truck per week was $3,861, down from $4,593.
The company’s logistics division reported quarterly revenue of $52.9 million, down from $67.2 million. For the year, logistics revenue was $245.2 million, down from $277.8 million.
“Our team is working to constantly keep improving our results and we will continue to take advantage of opportunities to improve,” Vitiritto said. “We are staying focused on our longer-term objectives and seeing sustainable progress in areas that will put us in a position to get back to profitable growth that aligns with our expectations.”
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