PAMT Corp., the parent company of PAM Transport Inc. of Tontitown (Nasdaq: PAMT), on Tuesday reported a third-quarter loss of $5.6 million as revenue sharply declined on softening demand.
The trucking company swung to a loss from a $2.4 million profit in the third quarter of 2024. Per share, the loss came to 27 cents.
Shares of the company closed at $10.85 on Tuesday, down 0.46%. Over the past 12 months, shares were down nearly 30%.
Operating revenue decreased 17.7% to $150.3 million for the quarter, compared to $182.6 million a year ago. Total truckloads fell 11.5% from 106,061 to 93,853. Revenue per truck per week fell 8.4% from $3,757 to $3,443.
The company’s logistics division posted $41.8 million in revenue, down 16.7% from $50.2 million a year ago.
The quarterly loss came despite expenses falling 13.5% to $155.98 million, with employee payroll falling 11.3% to $39.7 million and operating supplies and expenses dropping 16.8% to $29.1 million.
The company also reported a 20.5% decrease in fuel surcharges in the period.
Former PAM CEO Joe Vitiritto resigned in June of this year after nearly five years with the company and was replaced by interim CEO Matthew Moroun, the company’s majority owner and chairman of the board.
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