Pamt Corp. (NASDAQ: PAMT), a truckload carrier, reported a net loss of $8.1 million, or 38 cents per share, for the third quarter after the market closed on Monday. The company recorded a loss of 27 cents per share in the same quarter a year earlier.
Management pointed to elevated driver procurement costs and the spike in diesel fuel prices. Earnings per share also reflected a $3.7 million decline in gains on equipment sales, worth 14 cents per share, and a $3.2 million decline in non-operating income, worth 12 cents per share.
Consolidated revenue rose 8% from a year earlier to $163 million. Excluding fuel surcharges, revenue increased 2%. Truckload revenue excluding fuel was flat, as a 3% decline in average trucks was largely offset by a 1.4% increase in revenue per truck per week. Loaded miles per truck rose 4%. Revenue per loaded mile excluding fuel fell 1% from a year earlier but rose 11% from the second quarter.
The truckload unit posted its 12th consecutive operating loss, with an operating ratio of 109.1% excluding fuel, 240 basis points worse than a year earlier. The logistics unit reported $45 million in revenue, up 7%, with an operating ratio of 92.6%, an improvement of 650 basis points.
Pamt used $18 million in operating cash flow during the first nine months of the year. Liquidity stood at $102 million, down $15 million from the second quarter, and outstanding debt fell $10 million to $323 million.
President Lance Stewart said the company is aligning customer rates with cost increases of the past four years, and that cumulative cost increases continue to outpace pricing gains so far. He said sequential operating performance continues to improve.
Source: FreightWaves - https://www.freightwaves.com/news/pamt-corp-sees-q3-net-loss-books-109-1-truckload-or