Executive Summary

Q1 2024 was weak but stabilizing sequentially: operating revenue $182.6M (down 17.6% YoY), operating loss $0.7M, diluted EPS $0.01, and overall operating ratio 100.4% .
Sequential improvement from Q4 2023: revenue rose to $182.6M from $180.2M and net income improved from a $(2.2)M loss to a $0.3M profit .
Management cited an overcapacity truckload market driving rates “at or below cost” and early-quarter weather disruptions that increased costs and reduced utilization, with a focus on cost reduction and efficiency to position for an eventual freight recovery .
SPGI Wall Street consensus was unavailable; third-party sources indicated EPS estimate ~$0.07 and revenue estimate ~$181.7M, implying an EPS miss and a slight revenue beat versus actuals ($0.01 EPS; $182.6M revenue) .
Liquidity remained solid: cash/marketable securities/undrawn revolver totaled $185.7M; debt $271.6M; Q1 operating cash flow $9.6M, equity $314.6M .

What Went Well and What Went Wrong

What Went Well

Generated $9.6M in operating cash flow despite an operating loss, supporting liquidity and balance sheet flexibility .
Insurance and claims expense fell sharply YoY ($4.9M vs. $15.4M), easing cost pressure during a difficult freight backdrop .
Empty miles factor improved slightly YoY (8.60% vs. 8.96%), reflecting incremental efficiency gains even as rates weakened .
“We continue to intensely focus on cost reduction, opportunities to gain efficiency and market positioning to maximize the benefit of an improving freight environment when that occurs.” — President Joe Vitiritto .

What Went Wrong

Truckload operating ratio deteriorated to 104.2% (vs. 103.7% in Q4 2023 and 95.8% in Q3 2023), evidencing margin compression in core operations .
Revenue per total mile (before fuel) declined to $2.22 (from $2.35 in Q4 and $2.26 in Q3), consistent with rate pressure in an overcapacity market .
Average company-driver trucks decreased to 1,895 (vs. 1,938 in Q4 and 2,007 in Q3), with early-quarter weather disrupting utilization and raising costs .

Financial Results

Consolidated P&L and EPS (oldest → newest)

Metric	Q3 2023	Q4 2023	Q1 2024
Operating Revenue ($USD Millions)	$201.5	$180.2	$182.6
Operating (Loss)/Income ($USD Millions)	$8.8	$(0.8)	$(0.7)
Net (Loss)/Income ($USD Millions)	$6.1	$(2.2)	$0.3
Diluted EPS ($USD)	$0.28	$(0.10)	$0.01
Interest Expense ($USD Millions)	$(2.0)	$(2.6)	$(2.9)
Non-Operating Income ($USD Millions)	$1.6	$3.7	$3.9
Income Before Taxes ($USD Millions)	$8.4	$0.3	$0.4
Income Tax Expense ($USD Millions)	$2.3	$2.5	$0.1
Operating Ratio (%)	95.6%	100.4%	100.4%

Balance Sheet and Liquidity (point-in-time)

Metric	Q3 2023 (Sep 30)	Q4 2023 (Dec 31)	Q1 2024 (Mar 31)
Cash and Equivalents ($USD Millions)	$102.3	$100.6	$80.0
Marketable Equity Securities ($USD Millions)	$41.3	$43.2	$45.8
Stockholders’ Equity ($USD Millions)	$316.3	$314.2	$314.6
Total Assets ($USD Millions)	$731.7	$760.5	$749.7
Current Liabilities ($USD Millions)	$135.9	$137.1	$111.3
Long-Term Debt (net) ($USD Millions)	$171.4	$204.1	$218.9
Total Debt ($USD Millions)	$227.6 (disclosed outstanding)	$261.7 (disclosed outstanding)	$271.6 (disclosed outstanding)
Operating Cash Flow ($USD Millions)	N/A	$114.6 (FY 2023)	$9.6 (Q1)

Segment and Operating KPIs (Truckload and Logistics)

KPI	Q3 2023	Q4 2023	Q1 2024
Truckload Total Miles	49,745	43,970	46,062
Truckload Operating Ratio (%)	95.8%	103.7%	104.2%
Empty Miles Factor (%)	7.84%	8.60%	8.60%
Revenue per Total Mile, before fuel ($USD)	$2.26	$2.35	$2.22
Total Loads	105,342	94,776	102,200
Revenue per Truck per Work Day ($USD)	$764	$744	$729
Revenue per Truck per Week ($USD)	$3,819	$3,722	$3,645
Avg Company-Driver Trucks	2,007	1,938	1,895
Avg Owner-Operator Trucks	326	299	365
Logistics Total Revenue ($USD Thousands)	$62,091	$52,993	$58,769
Logistics Operating Ratio (%)	93.3%	94.3%	93.9%

Q1 2024 vs. Estimates (non-SPGI due to SPGI unavailability)

Metric	Actual Q1 2024	Consensus Estimate	Beat/Miss
Diluted EPS ($USD)	$0.01	$0.07	Miss
Operating Revenue ($USD Millions)	$182.6	$181.7	Beat

Note: S&P Global (SPGI) consensus data was unavailable for PTSI in Q1 2024 via our estimates tool; comparison above uses third-party media sources. MarketBeat showed “N/A” for consensus on the same date .

Guidance Changes

No formal quantitative guidance was provided in the Q1 2024 press release or 8-K. Management commentary focused on cost reduction, efficiency, and positioning for an eventual freight recovery rather than specific ranges .

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q2	Not provided	Not provided	Maintained (no guidance)
Operating Ratio/Margins	FY/Q2	Not provided	Not provided	Maintained (no guidance)
OpEx	FY/Q2	Not provided	Not provided	Maintained (no guidance)
OI&E	FY/Q2	Not provided	Not provided	Maintained (no guidance)
Tax Rate	FY/Q2	Not provided	Not provided	Maintained (no guidance)
Segment Guidance	FY/Q2	Not provided	Not provided	Maintained (no guidance)
Dividends	FY/Q2	Not provided	Not provided	Maintained (no guidance)

Earnings Call Themes & Trends

No Q1 2024 earnings call transcript was found via our document catalog or external searches; BusinessWire and company 8-K press release were the primary sources .

Topic	Previous Mentions (Q3 2023)	Previous Mentions (Q4 2023)	Current Period (Q1 2024)	Trend
Truckload market/macro	“Unprecedented unfavorable truckload market”	Weak environment + UAW strike drag	Overcapacity driving rates at/below cost	Persistent headwind; rate pressure ongoing
Automotive exposure	Highlighted as a challenge vs strong prior-year comp	UAW strike impacted OEMs and suppliers; no post-strike surge	Not specifically highlighted in Q1 release	Easing strike effects; still cyclical end-market risk
Weather disruptions	Not highlighted	Not highlighted	Early-quarter weather raised costs/reduced utilization	Transitory Q1-specific headwind
Cost reduction/efficiency	Focus on improvement and efficiencies	Focus on improving results; longer-term objectives	Intensely focused on cost reduction/efficiency	Ongoing execution priority
Technology/AI initiatives	Not discussed	Not discussed	Not discussed in Q1 materials	No change
Regulatory/tariffs/Mexico	Standard risk language (Mexico/tariffs etc.)	Standard risk language	Standard risk language	No change

Management Commentary

“The truckload market continued to be extremely challenging… shippers continued success in leveraging an overcapacity market to their advantage to attain rates at or below cost. This… coupled with weather disruptions early in the quarter… created a tough environment to get traction in efforts to improve earnings.” — President Joe Vitiritto .
“We continue to intensely focus on cost reduction, opportunities to gain efficiency and market positioning to maximize the benefit of an improving freight environment when that occurs.” — President Joe Vitiritto .
Prior context: “Our consolidated operating results… reflect a continued weak freight environment and the impact of the UAW strike… [with] no post-strike surge in automotive business…” — Q4 2023 .
Prior context: “Despite market challenges, we did see improvement in factors that we believe will position the Company favorably when truckload market conditions improve.” — Q3 2023 .

Q&A Highlights

No earnings call transcript or Q&A was available for Q1 2024 in our document catalog; external searches also did not locate a transcript .

Estimates Context

SPGI consensus estimates were unavailable via our tool for PTSI in Q1 2024.
Third-party sources indicated consensus EPS of ~$0.07 and revenue of ~$181.7M; actuals were $0.01 EPS and $182.6M revenue, implying an EPS miss and slight revenue beat .
MarketBeat displayed “N/A” for consensus EPS and revenue on the announcement date, underscoring thin Street coverage .

Key Takeaways for Investors

Rates under pressure in an overcapacity market drove OR above 100% and compressed revenue per mile; monitor spot/contract dynamics and potential capacity exits as catalysts for margin mean reversion .
Sequential stabilization: revenue and net income improved vs. Q4 2023 despite weather, suggesting resilience and cost control traction; watch for incremental efficiency gains in upcoming quarters .
Cost actions are visible (lower insurance/claims YoY, improving empty miles vs. prior year); further OpEx containment and utilization recovery are critical to re-attaining sub-100% OR .
Liquidity is strong (cash/securities/revolver $185.7M) against rising debt ($271.6M); balance sheet provides flexibility but heightens the importance of operating cash generation consistency .
Automotive exposure was a notable drag in late 2023; with strike impacts faded, normalization could aid volumes, but rate environment remains the primary swing factor .
Limited analyst coverage (SPGI unavailable; mixed third-party estimates) can drive outsized stock moves on incremental fundamentals or company disclosures; watch for any guidance initiation or detailed operational updates .
Near-term trading: setup favors mean-reversion if capacity tightens or weather normalizes, but sustained rate softness caps upside; medium-term thesis hinges on efficiency/cost execution and freight cycle turn, especially in truckload .

Sources: Company 8-K press releases and exhibits (Q1 2024, Q4 2023, Q3 2023) , BusinessWire press release , InvestorPlace/Yahoo estimates context , MarketBeat coverage status .

PAM TRANSPORTATION SERVICES INC (PTSI)·Q1 2024 Earnings Summary