PAMT Corp closed the September quarter in the red again, posting a $5.6 million net loss on $150.3 million in revenue — a year-over-year revenue slide of nearly 18% as the truckload downcycle persisted. The company’s third-quarter results keep the carrier on a multi-quarter loss streak and underscore how difficult it remains to earn above-cost yields on dry van freight.
Beneath the headline numbers, the margin picture stayed challenging. PAMT reported a consolidated operating ratio of 103.8%. In its core truckload unit, OR deteriorated to 106.7% while logistics posted a 99.1% OR. Tractor productivity and volumes also sagged: loads fell to 93,853 from 106,061 a year ago, and revenue per truck per week declined. The fleet mix continued to shift toward owner-operators (501 on average, up year over year) as company-driver trucks fell to 1,568. Gains on used equipment sales helped, but not enough to offset higher depreciation and interest expense.
The balance sheet offers a cushion but not a cure. As of Sept. 30, PAMT had $175.4 million of combined cash, marketable securities and revolver availability against $342.4 million of debt, and generated $23.1 million in operating cash flow through the first nine months of the year. That liquidity should fund operations and capex, but leverage is rising and profitability needs to improve for that buffer to last.
Markets took a cautious view. The company missed consensus on both the top and bottom lines — EPS of negative $0.27 was roughly three cents below estimates and revenue undershot Wall Street’s mark — with shares subdued following the print. For truckers and brokers, that miss is a reminder that even modest volume and rate setbacks can overwhelm cost cuts when ORs begin with a “10.”
The broader transport tape shows a stark split. Parcel giant UPS beat expectations the same day — while outlining sweeping cost cuts, including closing daily operations at 93 buildings and eliminating tens of thousands of jobs this year — and guided to a stronger fourth quarter. Meanwhile, Ryder told investors its contractual businesses (SCS and FMS) helped offset a muted rental environment, highlighting how contract-heavy models are weathering the trough better than pure TL exposure. For carriers like PAMT that rely more on for-hire truckload, the current cycle’s margin math remains punishing.
Why it matters for fleets and shippers: PAMT’s Q3 mix of weaker truck productivity, a smaller company-driver fleet, and a heavier owner-operator tilt reflects choices many TL carriers are making to preserve cash while they wait for demand and pricing to firm. But a 106–107% TL OR means core operations are still losing money before interest and taxes. If that persists, more fleets may slow equipment purchases, stretch trade cycles or look for asset-light revenue — all of which can ripple into capacity, service and rates as peak season flows through. PAMT’s cross-border gateways in Laredo and El Paso also remain strategically important if Mexico-related freight retains relative strength — but execution must improve to translate lanes into margins.
What to watch next: signs that loads and revenue per truck stabilize into year-end; whether equipment sale gains continue to offset depreciation; and any incremental moves on cost (insurance, purchased transportation, interest) that drop OR back below 100% in logistics and closer to breakeven in TL. With liquidity intact but leverage higher, PAMT needs better mix and utilization — not just one-time gains — to break the loss streak.
Sources: FreightWaves, StockTitan, Associated Press, Investing.com, Trucking Dive, UPS
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