PAMT CORP Q3 loss widens on higher fuel costs

Overview

• U.S. truckload carrier's Q3 revenue rose 8% yr/yr, net loss widened

• Company cited higher fuel costs and driver expenses offsetting rate improvements

• Diluted loss per share widened to $0.38 from $0.27 yr ago

Outlook

• Company expects continued pressure on driver recruitment and retention costs due to regulatory requirements

• PAMT CORP expects gains on sale of used equipment to fluctuate with timing and market values

• Company remains optimistic that rates will improve as market adjusts to cost pressures and reduced capacity

Result Drivers

• RATE IMPROVEMENTS - Co said tightening industry capacity allowed it to improve rate per mile by 11% sequentially and 6% yr/yr

• HIGHER FUEL COSTS - Co said net fuel costs increased due to timing lag between rising diesel prices and customer fuel surcharges

• DRIVER EXPENSES - Co said expenses for attracting and retaining qualified drivers increased, partly due to heightened enforcement and regulatory requirements

Company press release:

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)