Fourth Quarter 2024 Summary
Results
- Total revenues of $166.5 million
- Operating loss of $37.7 million
- Operating ratio of 122.6% and adjusted operating ratio
(non-GAAP) of 104.5%(1)
- Diluted loss per share of $1.45
Twelve months ended December 31, 2024
Summary Results
- Total revenues of $714.6 million
- Operating loss of $36.8 million
- Operating ratio of 105.1% and adjusted operating ratio
(non-GAAP) of 100.9%(1)
- Diluted loss per share of $1.45
PAMT CORP (NASDAQ: PAMT) (“we” or the “Company”) today reported
consolidated net loss of $31.6 million, or diluted and basic loss
per share of $1.45, for the quarter ended December 31, 2024 and
consolidated net loss of $31.8 million, or diluted and basic loss
per share of $1.45, for the year ended December 31, 2024. These
results compare to consolidated net loss of $2.2 million, or
diluted and basic loss per share of $0.10, for the quarter ended
December 31, 2023, and consolidated net income of $18.4 million, or
diluted and basic earnings per share of $0.83, for the year ended
December 31, 2023.
The Company made a change in accounting estimates related to
salvage values and useful lives for revenue equipment during the
quarter ended December 31, 2024 that increased depreciation by
approximately $24.7 million. In addition, an impairment charge of
$6.4 million was recorded to align the carrying value of revenue
equipment to market values of used equipment, which have declined
throughout 2024. Excluding the negative impact of these one-time
non-cash charges, adjusted (non-GAAP) operating loss was $6.6
million(1) and adjusted (non-GAAP) net loss was $7.8 million(1), or
adjusted (non-GAAP) diluted and basic loss per share of $0.36(1)
for the quarter ended December 31, 2024.
Consolidated operating revenues decreased 7.6% to $166.5 million
for the fourth quarter of 2024 compared to $180.2 million for the
fourth quarter of 2023. For the year ended December 31, 2024,
consolidated operating revenues decreased 11.9% to $714.6 million
compared to $810.8 million for the year ended December 31,
2023.
(1)
Calculation of this non-GAAP financial
measure and a reconciliation to the most directly comparable GAAP
measure are included in the schedules accompanying this
release.
Liquidity, Capitalization, and Cash
Flow As of December 31, 2024, we had an aggregate of
$170.5 million of cash, marketable equity securities, and available
liquidity under our line of credit and $277.5 million of
stockholders’ equity. Outstanding debt was $325.6 million as of
December 31, 2024, which represents a $63.9 million increase from
December 31, 2023. This increase in debt was primarily driven by
the addition of approximately $163.0 million in revenue equipment
during the year. During 2024, we generated $59.0 million in
operating cash flow.
Non-GAAP Financial Measures
In addition to our results under United States generally accepted
accounting principles (GAAP), this press release also includes
non-GAAP financial measures termed adjusted operating (loss)
income, adjusted operating ratio, adjusted net (loss) income and
adjusted diluted (loss) earnings per share. The Company defines
adjusted operating (loss) income, adjusted operating ratio,
adjusted net (loss) income and adjusted diluted (loss) earnings per
share as GAAP operating (loss) income, GAAP operating ratio, GAAP
net (loss) income and GAAP diluted (loss) earnings per share,
respectively, excluding certain significant items, such as
depreciation and impairment charges, and any tax impact associated
with such items. Management believes that reporting adjusted
operating (loss) income, adjusted operating ratio, adjusted net
(loss) income and adjusted diluted (loss) earnings per share more
clearly reflects the Company’s current operating results and
provides investors with a better understanding of the Company’s
overall financial performance. Management also believes that
adjusted operating ratio is more representative of our operations
when excluding the volatility of fuel prices, which we cannot
control. In addition, the adjusted results, although not a
financial measure under GAAP, may facilitate the ability to analyze
the Company’s financial results in relation to those of its
competitors and to the Company’s prior financial performance by
excluding items which otherwise would distort the comparison.
However, because not all companies use identical calculations, the
Company's presentation of these measures may not be comparable to
similarly titled measures of other companies. Adjusted operating
(loss) income, adjusted operating ratio, adjusted net (loss) income
and adjusted diluted (loss) earnings per share are not recognized
terms under GAAP, do not purport to be alternatives to, and should
be considered in addition to, and not as a substitute for or
superior to, operating (loss) income, operating ratio, net (loss)
income and diluted (loss) earnings per share, respectively, as
defined under GAAP.
Pursuant to the requirements of Regulation G, we have provided a
tabular reconciliation of GAAP operating (loss) income and
operating ratio to adjusted operating (loss) income and adjusted
operating ratio, GAAP net (loss) income to adjusted net (loss)
income and GAAP diluted (loss) earnings per share to adjusted
diluted (loss) earnings per share in this press release.
About PAMT CORP PAMT CORP is
a holding company that owns subsidiaries engaged in providing
truckload dry van carrier services transporting general commodities
throughout the continental United States, as well as in the
Canadian provinces of Ontario and Quebec. The Company’s
consolidated operating subsidiaries also provide transportation
services in Mexico through its gateways in Laredo and El Paso,
Texas, under agreements with Mexican carriers.
Forward-Looking Statements
Certain information included in this document contains or may
contain “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements may relate to expected future financial
and operating results, prospects, plans or events, and are thus
prospective. Such forward-looking statements are subject to risks,
uncertainties and other factors which could cause actual results to
differ materially from future results expressed or implied by such
forward-looking statements. Potential risks and uncertainties
include, but are not limited to, excess capacity in the trucking
industry; surplus inventories; general inflation, recessionary
economic cycles and downturns in customers' business cycles; a
significant reduction in or termination of the Company's trucking
service by a key customer, including as a result of future labor or
international trade disruptions; increases or rapid fluctuations in
fuel prices, interest rates, fuel taxes, tolls, and license and
registration fees; potential economic, business or operational
disruptions or uncertainties that may result from any future public
health crises; the resale value of the Company's used equipment;
the price and availability of new equipment consistent with
anticipated acquisitions and replacement plans; increases in
compensation for and difficulty in attracting and retaining
qualified drivers and owner-operators; increases in insurance
premiums and deductible amounts relating to accident, cargo,
workers' compensation, health, and other claims; increases in the
number or amount of claims for which the Company is self-insured;
inability of the Company to continue to secure acceptable financing
arrangements; seasonal factors such as harsh weather conditions
that increase operating costs; competition from trucking, rail, and
intermodal competitors including reductions in rates resulting from
competitive bidding; the ability to identify acceptable acquisition
candidates, consummate acquisitions, and integrate acquired
operations; our ability to develop and implement suitable
information technology systems and prevent failures in or breaches
of such systems; the impact of pending or future litigation;
general risks associated with doing business in Mexico, including,
without limitation, exchange rate fluctuations, inflation, import
duties, tariffs, quotas, political and economic instability and
terrorism; the potential impact of new laws, regulations or policy,
including, without limitation, rules regarding the classification
of independent contractors as employees, tariffs, import/export,
trade and immigration regulations or policies; and other factors,
including risk factors, included from time to time in filings made
by the Company with the Securities and Exchange Commission. The
Company undertakes no obligation to publicly update or revise
forward-looking statements, whether due to new information, future
events or otherwise. Considering these risks and uncertainties, the
forward-looking events and circumstances discussed above and in
company filings might not transpire.
PAMT CORP and Subsidiaries
Key Financial and Operating Statistics
(unaudited)
Quarter Ended December 31,
Twelve Months Ended December
31,
2024
2023
2024
2023
(in thousands, except earnings
per share)
(in thousands, except earnings
per share)
Revenue, before fuel surcharge
$147,035
$156,229
$629,015
$706,114
Fuel surcharge
19,495
23,939
85,631
104,693
Operating Revenue
166,530
180,168
714,646
810,807
Operating expenses and costs:
Salaries, wages and benefits
41,933
44,084
174,491
186,223
Operating supplies and expenses
31,973
36,939
136,975
160,527
Rent and purchased transportation
68,182
71,627
289,393
315,647
Depreciation
43,883
16,800
99,264
64,605
Impairment Loss
6,406
-
6,406
-
Insurance and claims
4,642
5,564
19,778
30,769
Other
6,328
5,833
24,338
23,769
Loss (gain) on disposition of
equipment
875
132
766
(1,043
)
Total operating expenses and costs
204,222
180,979
751,411
780,497
Operating (loss) income
(37,692
)
(811
)
(36,765
)
30,310
Interest expense
(4,136
)
(2,611
)
(13,240
)
(9,177
)
Non-operating income
567
3,716
8,459
7,446
(Loss) income before income taxes
(41,261
)
294
(41,546
)
28,579
Income tax benefit/(expense)
9,683
(2,525
)
9,751
(10,163
)
Net (loss) income
($31,578
)
($2,231
)
($31,795
)
$18,416
Diluted (loss) earnings per share
($1.45
)
($0.10
)
($1.45
)
$0.83
Average shares outstanding – Diluted
21,783
22,021
21,878
22,197
Quarter Ended December 31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Truckload
Operations
Total miles (in thousands) (1)
42,243
41,207
178,640
189,512
Operating ratio (2)
137.5
%
103.7
%
111.2
%
97.7
%
Empty miles factor (1)
9.7
%
9.2
%
9.2
%
9.0
%
Revenue per total mile, before fuel
surcharge(1)
$2.10
$2.15
$2.10
$2.17
Total loads
93,778
94,776
400,018
411,548
Revenue per truck per workday
$720
$744
$723
$772
Revenue per truck per week
$3,600
$3,722
$3,615
$3,861
Average company-driver trucks
1,754
1,938
1,822
2,014
Average owner operator trucks
510
299
467
345
Logistics
Operations
Total revenue (in thousands)
$44,403
$52,993
$207,020
$245,196
Operating ratio
98.3
%
94.3
%
94.9
%
91.9
%
PAMT CORP and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited)
December 31,
December 31,
2024
2023
(in thousands)
ASSETS
Current assets
Cash and cash equivalents
$68,060
$100,614
Trade accounts receivable, net
79,967
80,604
Other receivables
4,854
7,203
Inventories
2,433
2,321
Prepaid expenses and deposits
11,555
13,213
Marketable equity securities
42,620
43,203
Income taxes refundable
2,281
3,883
Total current assets
211,770
251,041
Property and equipment
842,896
771,131
Less: accumulated depreciation
309,272
266,412
Less: impairment
6,406
-
Total property and equipment, net
527,218
504,719
Other non-current assets
2,666
4,697
Total assets
$741,654
$760,457
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$31,198
$62,652
Accrued expenses and other liabilities
14,569
16,799
Current portion of long-term debt
73,017
57,645
Total current liabilities
118,784
137,096
Long-term debt, net of current portion
252,565
204,064
Deferred income taxes
92,547
104,331
Other long-term liabilities
250
750
Total liabilities
464,146
446,241
STOCKHOLDERS’ EQUITY
Common stock
224
223
Additional paid-in capital
41,171
40,825
Treasury stock, at cost
(13,996
)
(8,736
)
Retained earnings
250,109
281,904
Total stockholders’ equity
277,508
314,216
Total liabilities and stockholders’
equity
$741,654
$760,457
PAMT CORP and Subsidiaries
Reconciliation of GAAP Measures to
Non-GAAP Measures (unaudited)
Adjusted Operating (Loss) Income and
Adjusted Operating Ratio
Quarter Ended December 31,
Twelve Months Ended December
31,
2024
2023
2024
2023
(Dollars in thousands)
(Dollars in thousands)
GAAP Presentation
Total operating revenue
$166,530
$180,168
$714,646
$810,807
Total operating expenses
(204,223
)
(180,979
)
(751,411
)
(780,497
)
Operating (loss) income
($37,693
)
($811
)
($36,765
)
$30,310
Operating ratio
122.6
%
100.4
%
105.1
%
96.3
%
Non-GAAP Presentation
Total operating revenue
$166,530
$180,168
$714,646
$810,807
Fuel surcharge
(19,495
)
(23,939
)
(85,631
)
(104,693
)
Revenue, excluding fuel surcharge
147,035
156,229
629,015
706,114
Total operating expenses
204,223
180,979
751,411
780,497
Less: fuel surcharge
(19,495
)
(23,939
)
(85,631
)
(104,693
)
Less: impairment loss
(6,406
)
-
(6,406
)
-
Less: change in accounting estimates -
depreciation charge
(24,691
)
-
(24,691
)
-
Adjusted operating expenses
153,631
157,040
634,683
675,804
Adjusted operating (loss) income
($6,596
)
($811
)
($5,668
)
$30,310
Adjusted operating ratio
104.5
%
100.5
%
100.9
%
95.7
%
PAMT CORP and Subsidiaries
Reconciliation of GAAP Measures to
Non-GAAP Measures (unaudited)
Reconciliation of Net (Loss) Income to
Adjusted Net (Loss) Income
Quarter Ended December 31,
Twelve Months Ended December
31,
2024
2023
2024
2023
(in thousands)
(in thousands)
Net (loss) income (GAAP)
($31,578
)
($2,231
)
($31,795
)
$18,416
Adjustments:
Impairment charge
6,406
-
6,406
-
Change in accounting estimates -
depreciation charge
24,691
-
24,691
-
Tax benefit of adjustment (3)
(7,298
)
-
(7,298
)
-
Adjusted net (loss) income (non-GAAP)
($7,779
)
($2,231
)
($7,996
)
$18,416
PAMT CORP and Subsidiaries
Reconciliation of GAAP Measures to
Non-GAAP Measures (unaudited)
Reconciliation of Diluted (Loss) Earnings
Per Share to Adjusted Diluted (Loss) Earnings Per Share
Quarter Ended December 31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Diluted (loss) earnings per share
(GAAP)
($1.45
)
($0.10
)
($1.45
)
$0.83
Adjustments:
Impairment charge
0.29
-
0.29
-
Change in accounting estimates -
depreciation charge
1.13
-
1.13
-
Tax benefit of adjustment (3)
(0.33
)
-
(0.34
)
-
Adjusted diluted (loss) earnings per share
(non-GAAP)
($0.36
)
($0.10
)
($0.37
)
$0.83
_______________________________________
1)
Excludes miles driven by third party power
only carriers.
2)
The Truckload Operations operating ratio
has been calculated based upon total operating expenses, net of
fuel surcharge, as a percentage of revenue, before fuel surcharge.
We used revenue, before fuel surcharge, and operating expenses, net
of fuel surcharge, because we believe that eliminating this
sometimes volatile source of revenue affords a more consistent
basis for comparing our results of operations from period to
period.
3)
The tax benefit is calculated using the
effective tax rates for each respective period prior to any
adjustments for non-GAAP amounts.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250211962464/en/
PAMT CORP P.O. BOX 188 Tontitown, AR 72770 Lance K. Stewart
(479) 361-9111
PAMT (NASDAQ:PAMT)
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