P.A.M.’s 1Q revenue falls 17.6% from ’23

P.A.M Transport Services Inc. on Thursday reported a 17.6% drop in revenue in the first quarter of 2024.

The Tontitown-based company said revenue fell to $182.6 million, down from $221.7 in the same quarter of 2023.

P.A.M President Joe Vitiritto said in a statement that the truckload market has continued to be challenged in the first quarter of 2024.

“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,” he said. “We appreciate the hard work and dedication of our employees as we work through this tough economic cycle.”

The company reported a diluted earnings per share of 1 cent, compared with an earnings per share of 23 cents in the first quarter of 2023.

The company reported a net income of $281,000 compared with net income of $5.2 million during the same quarter of 2023.

At the end of the quarter, the company reported an aggregate of $185.7 million in cash, and $34.6 million of stockholders’ equity.

Total operating expenses and costs dropped for the company to $183.3 million from $213.2 million in 2023.

The company’s outstanding debt came in at $271.6 million, or an increase of $9.9 million since Dec. 31, 2023.

The company’s truckload operations saw a decrease in total miles from 53,729 to 46,062 in the first quarter.

Total loads for the quarter showed a slight dip to 102,200 compared with 102,430 for the same quarter in 2023.

Revenue per truck per week also fell.

Owner-operated trucks for the company saw a slight decrease to 365, compared with 389 in 2023.

The operating ratio for truckload operations rose to 104.2% from 99.3% posted in the first quarter of 2023.

The company’s logistics operations posted a total revenue of $58.8 million compared with $68.3 million for the same quarter in 2023.

The operating ratio for the logistics operations was 93.9% compared with a ratio of 88.8% for the first quarter of 2023.

P.A.M. shares fell 48 cents to close Thursday at $13.98. The shares have traded as low as $13.88 and as high as $28.77 in the past year.

The quarterly report was released after the stock market closed.