Truckload carrier Pamt Corp. reported a net loss for the fourth quarter before the market closed on Friday. It was the Arkansas-based carrier’s fifth consecutive quarterly loss.
The headline loss was $29.3 million, or $1.40 per share. The result included a $26.5 million adjustment to its auto liability reserve “associated with a specific claim expected to settle in excess of insurance policy limits,” according to a news release. Excluding the charge, the carrier lost $9.4 million, or 45 cents per share. That compares to a 36-cent-per-share loss in the 2024 fourth quarter, excluding one-offs and an impairment.
On a year-over-year comparison, the per-share results benefitted from an 18-cent increase in gains on equipment sales and a 12-cent increase in non-operating income (change in value of stock portfolio). Higher interest expense was a 3-cent headwind.
Pamt’s (NASDAQ: PAMT) consolidated revenue fell 15% y/y to $141 million. Roughly one-third of the company’s revenue comes from the automobile industry, which remains under pressure from tariffs.
The TL unit saw a 10% y/y decline in average trucks in service, with revenue per truck per week dropping 12%. Loaded miles fell 2% while revenue per loaded mile was down 9% to $2.12 (excluding fuel).
The segment reported a roughly 114% adjusted operating ratio (inverse of operating margin), excluding the insurance charge. That was 700 basis points worse y/y.
Salaries, wages and benefits expenses (as a percentage of revenue) increased 240 bps y/y even with a reduction in company drivers. Depreciation expenses were 200 bps higher, excluding a prior-year item. (All expense lines are reported on a consolidated basis.)
This was the ninth straight operating loss for the TL unit.
Logistics revenue declined 10% y/y to $40 million. The OR deteriorated 90 bps y/y to 99.2%. Pamt doesn’t provide gross profit margins for the unit, or operating metrics like load counts and revenue per load.
Pamt generated operating cash flow of $17 million in 2025. Liquidity (cash, equity holdings and availability on its line of credit) of $144 million was $31 million lower than in the third quarter. Outstanding debt of $334 million was $8 million lower sequentially.
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