PAMT, the parent company of P.A.M. Transport, posted another Q2 operating loss, marking its seventh consecutive quarter of operating losses.
The Tontitown, Arkansas-headquartered carrier’s operating loss for the quarter was $10.4 million, a step back from a nearly breakeven Q1.
“As industry dynamics continue to constrain driver supply, we believe opportunities for further rate correction remain, and we have achieved additional progress through the date of this release,” President and CEO Lance Stewart said in the release.
Nevertheless, the company noted a consolidated net loss of $7.4 million, an improvement from both Q1 and year over year.
The company last posted operating income in Q3 2024.
Helping with the company’s turnaround, PAMT pointed to several improvements, such as miles per truck per day increasing 12.8% YoY, reduced exposure to empty miles and a “meaningful sequential increase in rate per total mile,” the release noted.
PAMT also noted it reduced underutilized equipment as part of network improvements. Average company driver trucks totaled 1,540, down from 1,551 sequentially and 1,579 YoY.
Market fundamentals are showing encouraging signs, with federal policies tightening capacity through improper CDL school crackdowns, non-domiciled CDL revisions and English language proficiency enforcement, trucking executives say.
Additionally, PAMT named a new CFO, Daniel Kleine, who was promoted to the role effective July 30.
