PAM Transport Reports $8.1M Loss in Q1

(PAM Transport(

PAMT Corp., the parent company of PAM Transport Inc. of Tontitown (Nasdaq: PAMT), swung to a loss of $8.1 million in the first quarter of 2024, compared to a profit of $281,000 a year ago.

The loss per share was 37 cents, down from a profit of 1 cent in the first quarter of 2024.

First-quarter revenue was $155.3 million, down nearly 15% from $182.6 million.

The company’s truckload division reported total loads of 94,644, down 7.2% from 102,200. Revenue per truck per week was $3,363, down 4.8% from $3,533 in the same quarter a year ago.

PAM’s logistics division reported revenue of $44.3 million, down 24.7% from $58.8 million.

Shares of the company dipped nearly 1% to $13.78 on Thursday morning. Over the past 12 months, shares were down more than 5%.

Last week, a proxy filing with the U.S. Securities & Exchange Commission revealed that CEO Joe Vitiritto’s total compensation in 2024 fell 31.3% to $778,160.