PAM Transport Inc. of Tontitown (Nasdaq: PTSI) reported Friday third-quarter income of $2.4 million for fiscal 2024, down from $6.1 million a year ago.
The income came on revenue of $182.6 million, down from $201.5 million in the same quarter a year ago. Earnings per share was 11 cents, down from 23 cents.
“The quarter started off slow because of extended, but planned, down time from some of our biggest customers and ended slower than expected as we saw impacts to our business and volumes prior to Hurricane Helene,” PAM CEO Joe Vitiritto said. “Inflationary operating costs continue to materialize, but we are determined to minimize the impact to our business and focus on factors that we can control.”
The truckload division reported 106,061 loads in the quarter, down from 106,342 in the same quarter a year ago. Revenue per truck per week was $3,757, down from $3,819.
The logistics division reported revenue of $50.2 million, down from $62.1 million.
“We continue to see signs that the market is improving, and I am confident that we are moving closer to a more normal truckload market,” Vitiritto said.
Shares of the company were flat Monday morning, trading at around $16.08. Year to date, shares were down nearly 22%.