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Revenue, Profits Down at PAM Transport in 1Q

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PAM Transport Inc. of Tontitown reported Friday first-quarter revenue for fiscal 2024 of $182.6 million, down from $221.7 million in the same quarter a year ago.

The company reported income of $281,000, down from $5.2 million. Earnings per share was 1 cent, down from 23 cents a year ago.

“The truckload market continued to be extremely challenging during the first quarter of 2024, characterized by shippers’ continued success in leveraging an overcapacity market to their advantage to attain rates at or below cost,” PAM CEO Joe Vitiritto said. “This market backdrop coupled with weather disruptions early in the quarter which drove cost increases and reductions in equipment utilization created a tough environment to get traction in efforts to improve earnings.”

The company’s truckload division reported hauling 102,200 loads in the quarter, down from 102,430 a year ago. Because of the tight freight market, revenue per truck per week was $3,645, down from $4,010 in the same quarter a year ago.

PAM’s logistics division reported revenue of $58.8 million, down from $68.3 million.

“We continue to intensely focus on cost reduction, opportunities to gain efficiency and market positioning to maximize the benefit of an improving freight environment when that occurs,” Vitiritto said.

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