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PAMT CORP (PAMT)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 operating revenue was $150.3M, down 17.7% YoY; diluted EPS was -$0.27, with sequential improvement vs Q2 (-$0.46) as operating ratio improved to 103.8% from 107.3% .
  • Truckload OR remained elevated at 106.7% (vs 100.5% in Q3 2024) amid lower miles and loads; Logistics revenue fell to $41.8M (vs $50.2M YoY) with OR at 99.1% (vs 94.3% YoY) .
  • Liquidity remained solid: $175.4M of cash/marketable securities/undrawn revolver; debt rose to $342.4M (+$16.9M YTD), and YTD operating cash flow was $23.1M through Q3 .
  • No formal guidance or earnings call transcript was available in the period; Street consensus data from S&P Global for Q3 EPS and revenue was unavailable, limiting beat/miss assessment [GetEstimates—values retrieved from S&P Global]*.

What Went Well and What Went Wrong

What Went Well

  • Sequential improvement: operating loss narrowed to -$5.7M (from -$11.1M in Q2) and diluted EPS improved to -$0.27 (from -$0.46), with consolidated operating ratio improving to 103.8% (from 107.3%) .
  • Truckload efficiency: empty miles factor improved to 8.07% vs 8.90% in Q2, and revenue per truck per week rose to $3,443 vs $3,485 in Q2 (both stronger than Q1), signaling operational tuning despite demand pressure .
  • Asset disposition tailwind: gain on equipment sales was $4.0M in Q3 vs $0.2M in Q3 2024, supporting P&L within a weak freight market .

What Went Wrong

  • Top line softness: operating revenue declined 17.7% YoY to $150.3M; Logistics revenue fell to $41.8M vs $50.2M YoY, reflecting broad demand and rate pressure .
  • Margin pressure persisted: Truckload OR was 106.7% (vs 100.5% YoY), and depreciation/interest costs remained elevated (Q3 depreciation $19.8M; interest expense $4.5M) .
  • Leverage increased: outstanding debt rose to $342.4M (+$16.9M vs year-end), tightening financial flexibility amid a prolonged downcycle .

Financial Results

Metric (USD, units)Q3 2024Q1 2025Q2 2025Q3 2025
Operating Revenue ($USD Millions)$182.6 $155.3 $151.1 $150.3
Revenue, before fuel surcharge ($USD Millions)$160.8 $136.7 $133.8 $132.9
Fuel Surcharge ($USD Millions)$21.8 $18.6 $17.3 $17.3
Operating (Loss)/Income ($USD Millions)$2.3 -$9.2 -$11.1 -$5.7
Net (Loss)/Income ($USD Millions)$2.4 -$8.1 -$9.6 -$5.6
Diluted EPS ($)$0.11 -$0.37 -$0.46 -$0.27
Operating Ratio (%)n/a105.9% 107.3% 103.8%
Depreciation ($USD Millions)$17.7 $22.6 $21.7 $19.8
Interest Expense ($USD Millions)$2.9 $4.0 $4.0 $4.5
Gain on Disposition ($USD Millions)$0.2 -$3.0 -$4.4 -$4.0

Segment and Operating KPIs:

MetricQ3 2024Q1 2025Q2 2025Q3 2025
Truckload Total Miles (000s)46,503 41,217 40,355 41,521
Truckload Operating Ratio (%)100.5% 110.9% 112.5% 106.7%
Truckload Empty Miles Factor (%)8.89% 9.0% 8.90% 8.07%
Revenue per Total Mile, before fuel ($)$2.10 $2.04 $2.04 $2.06
Total Loads106,061 94,644 98,814 93,853
Revenue per Truck per Week ($)$3,757 $3,363 $3,485 $3,443
Avg Company-Driver Trucks1,820 1,667 1,579 1,568
Avg Owner-Operator Trucks481 514 505 501
Logistics Revenue ($USD Millions)$50.2 $44.3 $41.0 $41.8
Logistics Operating Ratio (%)94.3% 98.0% 98.7% 99.1%

Balance Sheet and Liquidity Snapshot:

MetricQ4 2024Q1 2025Q2 2025Q3 2025
Cash & Cash Equivalents ($USD Millions)$68.1 $57.1 $68.9 $68.8
Marketable Equity Securities ($USD Millions)$42.6 $45.6 $48.4 $46.8
Stockholders’ Equity ($USD Millions)$277.5 $269.6 $244.9 $239.5
Outstanding Debt ($USD Millions)$325.5 approx (sum of LT+current at 12/31) $309.2 (disclosed) $331.2 (disclosed) $342.4 (disclosed)
Cash+Securities+Undrawn LOC ($USD Millions)n/a$162.5 $177.1 $175.4
Operating Cash Flow YTD ($USD Millions)n/a-$1.4 (Q1) $17.2 (H1) $23.1 (9M)

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Consolidated GuidanceFY/Q4 onwardNone provided None provided Maintained (no formal guidance)

No explicit revenue, margin, OpEx, OI&E, tax, or segment guidance ranges were provided in press materials or 8-K filings for Q3 2025 .

Earnings Call Themes & Trends

No earnings call transcript was available in the document catalog for Q3 2025; press materials contained limited qualitative commentary [ListDocuments result; 0 transcripts found].

TopicPrevious Mentions (Q2 2025)Previous Mentions (Q1 2025)Current Period (Q3 2025)Trend
Demand/Rate EnvironmentNo detailed narrative in press release No detailed narrative in press release No detailed narrative; numeric disclosures only Unchanged (limited disclosure)
Cost Structure/Depreciation & InterestElevated depreciation/interest noted via numeric tables Elevated depreciation/interest noted via numeric tables Depreciation $19.8M; interest $4.5M Persistent pressure
Logistics PerformanceOR ~98.7%; revenue $41.0M OR ~98.0%; revenue $44.3M OR 99.1%; revenue $41.8M Slight deterioration YoY
Truckload EfficiencyEmpty miles ~8.95%; OR 112.5% Empty miles 9.0%; OR 110.9% Empty miles 8.07%; OR 106.7% Sequential improvement
Guidance/OutlookNone provided None provided None provided No guidance policy maintained

Management Commentary

Press releases and 8-Ks offered minimal narrative beyond standard risk disclosures and business description; no prepared remarks or executive quotes were provided .

  • Business description: PAMT operates truckload dry van services across the U.S., Canada (ON, QC), and Mexico via Laredo and El Paso gateways under agreements with Mexican carriers .
  • Methodology note: “We used revenue, before fuel surcharge, and operating expenses, net of fuel surcharge, because we believe that eliminating this sometimes volatile source of revenue affords a more consistent basis for comparing our results…” .

Q&A Highlights

No Q&A available due to absence of an earnings call transcript in the period; no separate Q&A materials or conference call documents were found [ListDocuments result; 0 transcripts found].

Estimates Context

  • S&P Global consensus for Q3 2025 EPS and revenue was unavailable for PAMT at the time of retrieval; therefore, we cannot determine beat/miss vs Street for Q3 [GetEstimates—values retrieved from S&P Global]*.
  • Actual operating revenue recorded by S&P for Q3 2025 was $150.264M (matches company-reported) [GetEstimates—values retrieved from S&P Global]*.
MetricQ3 2025 ConsensusQ3 2025 Actual
Revenue ($USD Millions)N/A*$150.264*
Primary EPS ($)N/A*-$0.27

Values with asterisk are retrieved from S&P Global.

Where estimates may need to adjust:

  • Continued YoY revenue pressure and elevated OR suggest Street models should reflect a slower margin recovery curve and potential continued softness in Logistics OR near ~99% absent a demand inflection .

Key Takeaways for Investors

  • Sequential improvement but challenging backdrop: consolidated OR improved to 103.8% and EPS to -$0.27; watch for sustainability as rates and volumes remain weak .
  • Efficiency gains: truckload empty miles improved materially to 8.07%; monitor whether this persists and translates to OR normalization as demand stabilizes .
  • Logistics soft spot: revenue and OR trends imply lingering contract/pricing pressure; expect slower rebound versus Truckload .
  • Balance sheet/CF: liquidity remains adequate ($175.4M), YTD operating cash flow improved to $23.1M, but rising debt ($342.4M) warrants attention in a prolonged downcycle .
  • Limited visibility: absence of formal guidance and call commentary reduces near-term clarity; incremental disclosures (10-Q, future calls) will be key .
  • Near-term trading: catalysts likely tied to evidence of freight demand bottoming, further OR improvement, and any pricing stabilization; upside if sequential efficiency persists, downside if volumes retrench again .
  • Medium-term thesis: focus on operating discipline and asset turns; watch depreciation/interest burden and disposition gains’ sustainability as margin normalization depends on industry capacity/supply-demand balance .