Latest news with #Pamt
Yahoo
13-05-2025
- Business
- Yahoo
Pamt Corp. CEO resigns for family reasons amid mounting losses
Pamt Corp., formerly Pam Transportation Services, announced that President and CEO Joe Vitiritto will step down next month for family reasons. The announcement follows the Tontitown, Arkansas-based company's first-quarter net loss in which its truckload segment booked a sixth consecutive operating loss – a 110.9% operating ratio (inverse of operating margin). Roughly one-third of the company's annual revenue is tied to the automobile industry. Vitiritto took the helm at Pamt in August 2020 after a 17-year stint with carrier Knight-Swift (NYSE: KNX).Pamt (NASDAQ: PAMT) Chairman Matthew Moroun will assume the dual role on an interim basis. The transition will occur on June 27. Moroun has been a director at Pamt since 1992, holding the role of chairman since 2007. Moroun also serves as chairman of other family-held trucking, real estate and insurance entities, including publicly traded Universal Logistics (NASDAQ: ULH). The filing with the Securities and Exchange Commission also showed the company updated an indemnification agreement for directors and officers to reflect its reincorporation in Nevada. The Moroun family trusts collectively own more than 50% of Pamt's outstanding common FreightWaves articles by Todd Maiden: Insurance costs, fraud and cargo theft hit Landstar's Q1 Forward Air touts Q1 achievements, investors await next steps Saia, others buying 10 Yellow Corp. terminals The post Pamt Corp. CEO resigns for family reasons amid mounting losses appeared first on FreightWaves.
Yahoo
24-04-2025
- Business
- Yahoo
TL carrier Pamt books another loss in Q1
Pamt Corp., formerly Pam Transportation Services, saw another loss in the first quarter. The Tontitown, Arkansas-based truckload carrier reported a net loss of $8.1 million, or 37 cents per share. The result was negatively impacted compared to the year-ago quarter by lower non-operating income – primarily a decline in the market value of its equity securities portfolio (a 5-cent headwind) – and higher interest expense (a 4-cent headwind). Those items were offset by $3 million in gains on equipment sales versus a small loss in the 2024 first quarter (an 11-cent tailwind). Consolidated revenue of $155 million was 15% lower year over year. Roughly one-third of its annual revenue is tied to the automobile industry. The TL segment reported a 10% y/y revenue decline as average trucks in service fell 4% and revenue per truck per week was off 5%. Loaded miles were down 7% y/y, and revenue per loaded mile fell 3% excluding fuel surcharges. The unit booked a 110.9% operating ratio (inverse of operating margin), which was 670 basis points worse y/y. The first quarter marked the sixth straight operating loss for the unit. Salaries, wages and benefits (as a percentage of revenue) increased 210 bps y/y, and depreciation expense was 420 bps higher (both on a consolidated basis). Logistics revenue fell 25% y/y to $44 million. The segment reported a 98% OR, which was 410 bps worse y/y. The company doesn't provide gross profit margins for the unit or operating metrics like load counts and revenue per load. The company had an operating cash flow use of $1.4 million in the quarter versus generating $59 million in cash flow from operations for all of 2024. Liquidity (cash, equity holdings and availability on its line of credit) of $163 million at the end of the quarter was $8 million lower than at the end of 2024. Outstanding debt of $309 million was down $16 million from the end of the year. Shares of Pamt (NASDAQ: PAMT) were off 1.2% at 9:44 a.m. EDT on Thursday compared to the S&P 500, which was up 0.4%. More FreightWaves articles by Todd Maiden: Knight-Swift grappling with tariff-spooked customers in bid season Market shook, LTL carrier Old Dominion isn't Forward Air ups Q1 EBITDA forecast The post TL carrier Pamt books another loss in Q1 appeared first on FreightWaves. Sign in to access your portfolio
