Executive Summary

Q4 2024 operating revenue fell to $166.5M (-7.6% YoY), with a GAAP operating loss of $37.7M and diluted loss per share of $1.45; management recorded a $24.7M depreciation increase from an accounting estimate change and a $6.4M impairment tied to the weak used equipment market, producing adjusted loss per share of $0.36 .
Liquidity remained solid: $170.5M aggregate liquidity (cash, marketable equity securities, and line of credit availability), equity of $277.5M, and operating cash flow of $59.0M in 2024; debt rose to $325.6M (+$63.9M YoY) due to ~$163M of revenue equipment additions .
Logistics revenue declined 16.2% YoY to $44.4M; Truckload KPIs deteriorated: OR 137.5% (vs 103.7% in Q4 2023), empty miles up to 9.7%, revenue per mile down to $2.10, total loads slightly lower .
No formal forward guidance was issued in the Q4 press release; an earnings call was scheduled for Feb 13, 2025 at 6:00 PM ET, but a public transcript was not found, limiting Q&A insights and guidance clarifications .

What Went Well and What Went Wrong

What Went Well

Liquidity and balance sheet flexibility: $170.5M aggregate liquidity and $277.5M stockholders’ equity at year-end 2024; generated $59.0M operating cash flow in 2024, supporting investment capacity despite market weakness .
Proactive asset actions: management adjusted salvage values/useful lives and recognized impairment to align fleet book values with market conditions, increasing transparency and positioning for future normalization .
Prior-quarter tone suggested potential cycle improvement: “We continue to see signs that the market is improving, and I am confident that we are moving closer to a more normal truckload market,” said President Joe Vitiritto in Q3 2024 .

What Went Wrong

Significant reported loss driven by non-cash items and soft demand: GAAP net loss of $31.6M in Q4 2024; adjusted net loss of $7.8M even after excluding the depreciation change and impairment .
Core operating deterioration: consolidated operating ratio worsened to 122.6%; truckload OR rose to 137.5% (vs 103.7% in Q4 2023); empty miles increased to 9.7%, revenue per mile fell to $2.10 .
Segment softness: logistics revenue down 16.2% YoY to $44.4M in Q4, reflecting weaker freight demand and pricing .

Financial Results

Consolidated Performance vs Prior Periods and Estimates

Metric	Q4 2023	Q2 2024	Q3 2024	Q4 2024
Revenue ($USD Millions)	$180.2	$182.9	$182.6	$166.5
Diluted EPS ($USD)	-$0.10	-$0.13	$0.11	-$1.45
Operating (Loss)/Income ($USD Millions)	-$0.81	-$0.70	$2.30	-$37.7
Operating Ratio (%)	100.4%	100.4%	98.7%	122.6%
Consensus Revenue ($USD Millions)	N/A	—	—	N/A (S&P Global unavailable)
Consensus EPS ($USD)	N/A	—	—	N/A (S&P Global unavailable)

Notes: S&P Global consensus estimates were unavailable at time of analysis; therefore, formal beat/miss vs Wall Street consensus cannot be determined [functions.GetEstimates error].

Segment Breakdown

Segment Metric	Q4 2023	Q4 2024
Logistics Revenue ($USD Millions)	$52.99	$44.40
Truckload Operating Ratio (%)	103.7%	137.5%

KPIs (Truckload and Logistics)

KPI	Q4 2023	Q4 2024
Empty Miles (%)	9.2%	9.7%
Revenue per Total Mile ($)	$2.15	$2.10
Total Loads	94,776	93,778
Revenue per Truck per Week ($)	$3,722	$3,600
Avg Company-Driver Trucks	1,938	1,754
Avg Owner-Operator Trucks	299	510
Logistics Operating Ratio (%)	94.3%	98.3%

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q1 next	Not provided	Not provided	Maintained: No formal guidance
Operating Ratio	FY/Q1 next	Not provided	Not provided	Maintained: No formal guidance
EPS	FY/Q1 next	Not provided	Not provided	Maintained: No formal guidance
Segment-specific metrics (Logistics/TL)	FY/Q1 next	Not provided	Not provided	Maintained: No formal guidance
OpEx, OI&E, Tax rate, Dividends	FY/Q1 next	Not provided	Not provided	Maintained: No formal guidance

Note: The Q4 press release and 8-K contained detailed reconciliations and KPIs but did not include forward guidance ranges .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 and Q3)	Current Period (Q4 2024)	Trend
Rates/Market Cycle	“Downward rate pressure,” but “closer to a cycle change” (Q2); signs of market improvement (Q3)	OR deteriorated; revenue declined; used equipment market weakened	Deteriorated near term vs Q3 optimism
Capacity/Driver Mix	“Capacity tightening” noted late in Q2	Fewer company trucks, more owner-operators (mix shift)	Shift toward owner-operators
Equipment/Depreciation	Not a focus in Q2/Q3 releases	Change in accounting estimates increased depreciation $24.7M; $6.4M impairment	Higher depreciation headwind
Logistics Performance	Limited detail in Q2/Q3 releases	Revenue down 16.2% YoY in Q4	Weakening
Macros/Weather	Q3: planned downtime; Hurricane Helene impacts; inflationary costs	Q4 release did not cite weather; focus shifted to accounting/equipment markets	Weather impact abated

Note: A public transcript for the Feb 13, 2025 call was not found; themes reflect press releases and 8-K disclosures .

Management Commentary

Q2 2024: “We continue to see downward rate pressure, but we are also seeing some opportunities that tell us we may be getting closer to a cycle change.” — President Joe Vitiritto .
Q3 2024: “We continue to see signs that the market is improving, and I am confident that we are moving closer to a more normal truckload market.” — President Joe Vitiritto .
Q4 2024: The release emphasized non-GAAP reconciliations and explained the depreciation estimate change and equipment impairment to reflect used equipment market declines; no CEO quotation was provided in this report .

Q&A Highlights

The earnings call was scheduled for Thursday, Feb 13, 2025 at 6:00 PM ET; however, a full public transcript could not be located, limiting visibility into analyst Q&A and any guidance clarifications .
No additional Q4 guidance commentary beyond non-GAAP reconciliations was found in the 8-K/press release .

Estimates Context

S&P Global consensus estimates for Q4 2024 revenue and EPS were unavailable at time of analysis due to access limitations, so formal beat/miss determination could not be made. External aggregator pages reflected “Consensus EPS: N/A,” reinforcing the lack of accessible estimates for this event .

Key Takeaways for Investors

One-time non-cash charges materially distorted Q4 GAAP results; adjusted loss per share was $0.36 vs GAAP $1.45, helping frame “true” run-rate performance amid a weak freight market .
Core operations weakened sequentially: consolidated operating ratio rose to 122.6%, truckload OR to 137.5%, and empty miles increased, pointing to utilization and pricing headwinds into year-end .
Segment softness concentrated in Logistics: Q4 logistics revenue declined to $44.4M (-16.2% YoY), indicating broad-based demand pressure beyond truckload .
Balance sheet supports optionality: $170.5M aggregate liquidity and $59.0M 2024 operating cash flow provide flexibility despite higher debt from equipment investment (~$163M additions) .
Near-term trading lens: absent guidance and lack of management commentary in Q4, the narrative likely focuses on normalization potential post-depreciation reset vs ongoing demand/rate pressure; watch truckload OR and empty miles improvements as catalysts .
Medium-term thesis: if rate environment stabilizes and utilization improves (echoing Q2/Q3 commentary), adjusted profitability can recover; monitoring used equipment market and capital intensity will be key to margin trajectory .
Execution focus: mix shift toward owner-operators and disciplined cost control remain critical to restoring an OR in the mid-80s target range cited earlier; track KPIs each quarter for evidence of turnaround .

Sources: Q4 2024 8-K earnings release and schedules ; Business Wire Q2 and Q3 2024 press releases ; MarketBeat call schedule ; Talk Business Q4 article .

PAMT CORP (PAMT)·Q4 2024 Earnings Summary