Shares of PAMT CORP PAMT have declined 14.9% since the company reported its earnings for the quarter ended June 30, 2026, compared with the 1.5% growth in the S&P 500 index over the same period. Over the past month, PAMT shares have moved 2.9%, matching the S&P 500’s 2.9% increase.
PAMT incurred a second-quarter 2026 loss per share of 36 cents, narrower than a loss of 46 cents per share in the second quarter of 2025.
Operating revenues of $164.7 million indicated an 8.9% rise from $151.1 million in the year-ago quarter. The company posted a net loss of $7.4 million, narrower than the $9.6 million loss recorded a year earlier. Operating loss narrowed to $10.4 million from $11.1 million, while total operating expenses and costs increased to $175.1 million from $162.2 million.
Key Business Metrics
Truckload Operations recorded 43.6 million total miles during the quarter, up from 40.4 million a year earlier. However, revenue per total mile before fuel surcharge declined to $1.98 from $2.04, while total loads fell to 90,844 from 98,814. Revenue per truck per workday decreased to $675 from $697, and revenue per truck per week declined to $3,375 from $3,485. Average company-driver trucks decreased to 1,540 from 1,579, while average owner-operator trucks fell to 454 from 505. The Truckload Operations operating ratio increased to 114.2% from 112.5%.
The empty miles factor improved to 7.35% from 8.90%. Management also said truck productivity, measured by miles per truck per day, increased 12.8% year over year. Logistics Operations generated revenues of $50.8 million, up 24% from $41 million, while its operating ratio improved to 96.4% from 98.7%.
Management Commentary
President Lance Stewart highlighted measurable progress in operating metrics, including higher truck productivity and fewer uncompensated empty miles. Management continued removing costs, including underutilized equipment, from its network as part of its focus on cost control and network efficiency. Stewart also said market conditions supported a meaningful sequential increase in rate per total mile for the first time in more than three years. With industry dynamics continuing to constrain driver supply, management sees opportunities for additional rate correction and said further progress had been achieved.
Factors Influencing Results
Second-quarter results included a one-time $3.1 million accrual related to auto liability claims from prior years that may exceed insurance limits. The accrual increased net loss by $2.3 million after tax, or 11 cents per share. Insurance and claims expense increased to $8.7 million from $5.2 million, while operating supplies and expenses rose to $36.5 million from $29 million. Depreciation decreased to $19.3 million from $21.7 million. The company recorded a $0.6 million gain on asset dispositions compared with $4.4 million a year earlier.
PAMT ended June with $116.7 million in aggregate cash, marketable equity securities and available liquidity under its credit line. Stockholders’ equity stood at $203.1 million, while outstanding debt totaled $332.8 million, down $1.1 million from Dec. 31, 2025. The company used $16.7 million in operating cash flow during the first half of 2026.
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PAMT Corp. (PAMT): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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