Truckload provider Pamt Corp. continues to chop its fleet to revive profitability.
Pamt (NASDAQ: PAMT) reported a second-quarter web lack of $7.4 million, or 36 cents per share, Tuesday night. Excluding the affect from a one-time accrual associated to prior auto legal responsibility claims, earnings per share have been 25 cents. (Pamt booked a web lack of 46 cents per share within the year-ago interval.)
The second quarter marked Pamt’s seventh consecutive quarterly web loss.
The corporate had roughly 6 cents per share in web headwinds that weren’t excluded from the EPS quantity. Decrease good points on gear gross sales (14 cents per share) and better curiosity expense (2 cents per share) have been headwinds in comparison with the 2025 second quarter. Greater non-operating revenue, which is generally the change in worth of its inventory portfolio, was a 10-cent tailwind.
Consolidated income elevated 9% yr over yr to $165 million. Income was up simply 2% excluding gasoline surcharges.
The truckload unit noticed a 7% y/y income decline (ex-fuel) as common vehicles in service fell 4% and income per truck per week was down 3%. Loaded miles per truck elevated 15% y/y within the quarter. Income per loaded mile (ex-fuel) was off 5% y/y, however up 4% from the primary quarter.
“For the primary time in additional than three years, market circumstances enabled a significant sequential improve in fee per whole mile,” mentioned Pamt President Lance Stewart. “This marks an essential step towards addressing charges which were pressured decrease whereas inflationary value pressures have continued.”
The corporate’s fleet rely was just below 2,000 models within the interval, down from over 2,400 tractors three years in the past.
The TL unit booked a 114.2% working ratio (inverse of working margin) however the OR was 110.6% excluding the one-time insurance coverage accrual. The adjusted quantity was 190 foundation factors higher y/y.
The quarter marked 11 straight working losses for the TL unit.
“As trade dynamics proceed to constrain driver provide, we imagine alternatives for additional fee correction stay, and we’ve got achieved further progress via the date of this launch,” Stewart mentioned.
The logistics unit reported $51 million in income, a 24% y/y improve. The unit noticed 230 bps of margin enchancment, reserving a 96.4% OR.
Pamt doesn’t present gross revenue margins for the unit, nor working metrics like load counts and income per load.
Pamt used $16.7 million in working money movement within the first half of the yr. Liquidity (money, fairness holdings and availability on its line of credit score) of $117 million was $24 million decrease than within the first quarter. Excellent debt elevated $12 million to $333 million.
The corporate introduced that Daniel Kleine was appointed chief monetary officer on Thursday. Kleine joined Pamt three years in the past as vp of tax. He most lately served as the corporate’s senior vp of finance and treasurer.
Why it issues? Pamt’s outcomes present how some carriers are chopping fleet counts to return to or enhance profitability.
Extra BigRig articles by Todd Maiden:
- Transportation capability falls sooner in July, charges stay excessive
- July’s 55.6% PMI highest in 4 years; LTL carriers getting bullish
- Schneider Nationwide pushes worth amid market imbalance
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