Companies

PAMT Reverses First-Quarter Revenue Decline

The Tip Desk · August 4, 2026 · 3 min read

Second-quarter operating revenue reached $164.7 million as the truckload carrier booked a $3.1 million auto-liability accrual.

PAMT CORP (PAMT), a holding company for truckload dry-van carriers, reported consolidated operating revenue of $164.7 million for the quarter ended June 30, 2026, an 8.9% increase from $151.1 million a year earlier. That year-over-year gain reversed the 8.7% decline to $141.9 million in the first quarter of 2026.

The company posted a net loss of $7.4 million, or $0.36 a share, compared with a $9.6 million loss, or $0.46 a share, a year earlier. Results included a one-time $3.1 million accrual related to auto-liability claims from prior years that may exceed insurance limits, which increased net loss by $2.3 million after tax, or $0.11 a share.

Operating loss was $10.4 million and the operating ratio was 106.3%. In the first quarter of 2026 the operating loss had been $0.3 million and the operating ratio 100.2%.

President Lance Stewart said truck productivity, measured in miles per truck per day, increased 12.8% year over year and that uncompensated empty miles improved from 8.9% in the second quarter of 2025 to 7.4% in the second quarter of 2026. He said the company continues to remove costs, including underutilized equipment, from the network.

Stewart said that for the first time in more than three years, market conditions enabled a meaningful sequential increase in rate per total mile, an important step toward addressing rates that had been pressured lower while inflationary cost pressures persisted. He said industry dynamics continue to constrain driver supply, that opportunities for further rate correction remain, and that the company had achieved additional progress through the date of the release.

Revenue before fuel surcharge was $136.9 million, compared with $133.8 million a year earlier. Fuel surcharge rose to $27.8 million from $17.3 million. Truckload total miles increased to 43.6 million from 40.4 million a year earlier. Total loads fell to 90,844 from 98,814. Revenue per total mile before fuel surcharge declined to $1.98 from $2.04.

Average company-driver trucks declined to 1,540 from 1,579 a year earlier, and average owner-operator trucks fell to 454 from 505. Revenue per truck per workday was $675, compared with $697. The truckload operating ratio was 114.2%, versus 112.5% a year earlier. The empty-miles factor was 7.35%, versus 8.90%.

Logistics Operations revenue increased to $50.8 million from $41.0 million a year earlier, and its operating ratio improved to 96.4% from 98.7%. Insurance and claims expense rose to $8.7 million from $5.2 million a year earlier. Depreciation fell to $19.3 million from $21.7 million. The gain on disposition of assets was $0.6 million, versus $4.4 million.

As of June 30, 2026, the company had $116.7 million of cash, marketable equity securities, and available liquidity under its line of credit, and $203.1 million of stockholders’ equity. Outstanding debt was $332.8 million, a $1.1 million decrease from December 31, 2025. During the first half of 2026 the company used $16.7 million in operating cash flow.

Daniel C. Kleine was appointed chief financial officer effective July 30, 2026.

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