Pamt Corp. reports Q3 net loss, books 109.1% truckload OR

Pamt Corp., a truckload carrier, reported a net loss of $8.1 million, or 38 cents per share, during the third quarter, according to its latest financial filing. The losses were primarily due to increased driver procurement costs and the surge in diesel fuel prices. The company's earnings per share were negatively impacted by a $3.7 million decrease in equipment sales (14 cents per share) and a $3.2 million decrease in non-operating income (12 cents per share).

Pamt's President, Lance Stewart, acknowledged that the cumulative cost increases are surpassing the pricing improvements.

Despite the losses, consolidated revenue for the quarter increased by 8% year-over-year, reaching $163 million. However, the overall revenue growth was minimal, with an increase of just 2% excluding fuel surcharges. Truckload revenue, excluding fuel, remained flat year-over-year, with a 3% decline in average trucks being offset by a 1.4% increase in revenue per truck per week.

The loaded miles per truck increased by 4% year-over-year, while the revenue per loaded mile (excluding fuel) declined by 1% year-over-year but improved by 11% from the previous quarter.

The period marked 12 straight operating losses for Pamt's truckload unit, with an operating ratio of 109.1% excluding fuel, which was 240 basis points worse year-over-year. The logistics unit generated $45 million in revenue, a 7% increase year-over-year, and a 92.6% operating ratio, which was 650 basis points better year-over-year.

Pamt reported $18 million in operating cash flow in the first nine months of the year, providing liquidity of $102 million, $15 million lower than in the previous quarter. The company's outstanding debt decreased by $10 million to $323 million.