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Dive Brief:
- PAMT, the parent company of P.A.M. Transport, reported a $38.1 million operating loss for Q4, according to a Feb. 13 earnings release. Its net loss for the quarter was $29.3 million.
- Losses continue to mount for the carrier, which now has reported five consecutive quarters of operating losses. For the full year, PAMT reported a $64 million operating loss, up from $36.8 million last year.
- PAMT’s truckload operating ratio was 146.2%, up from 137.5% a year ago as total miles and total loads each saw year over year declines.
Dive Insight:
Weak demand has plagued the trucking industry for nearly four years.
PAMT truckload operations saw total loads fall 5.6% year over year to 88,543. Revenue per truck per week in Q4 was $3,175, down from $3,600 a year ago.
Despite the brutal market, carriers such as Ryder System and Old Dominion Freight Line expressed optimism that demand could return later this year, based on the improving Institute for Supply Management’s Purchasing Manager’s Index.
Old Dominion EVP and CFO Adam Satterfield said on a call with analysts that a positive index could be an indicator of better business conditions for the remainder of the year.
