PAM Transport (CCJ Top 250, No. 55) reported a wider third-quarter net loss as higher fuel costs, increased expenses with hiring drivers and a sharp drop in used-equipment gains outweighed rate improvement.
The truckload carrier posted a net loss of $8.1 million, or 38 cents per share, for the quarter ended Sept. 30. That compares with a loss of $5.6 million, or 27 cents per share, a year earlier.
Operating revenue rose to $162.5 million from $150.3 million in the third quarter of 2025. Fuel surcharge revenue accounted for much of the gain, climbing to $26.6 million from $17.3 million Revenue before fuel surcharge rose about 2.3% to $136.0 million.
The Tontitown, Arkansas-based company’s operating loss narrowed slightly to $5.0 million from $5.7 million, for an operating ratio of 103.1%.
“The ongoing exit of industry capacity, influenced in part by heightened enforcement and evolving legal and regulatory developments, continues to contribute to tightening market conditions,” said President Lance Stewart.
PAMT’s rate per mile rose 11% from the second quarter and 6% from a year ago. Stewart noted, however, that cumulative cost increases over the past four years continue to outpace pricing gains.
Stewart said higher net fuel costs, which he tied to surcharges lagging weekly diesel price spikes by a week or more. He also cited rising expenses to attract and retain qualified drivers and lower gains on used equipment sales. Gains on disposition of assets fell to $316,000 from $4.0 million a year earlier.
“While I am disappointed that the progress achieved in customer pricing was offset by these cost pressures, I am encouraged by the continued sequential improvement in our operating performance,” he noted.
In the truckload segment, the operating ratio worsened to 109.1% from 106.7%. average truck count slipped to 2,010 from 2,069, and total loads fell to 89,066 from 93,853. Empty miles improved to 7.7% from 8.07%. Revenue per truck per week rose to $3,490 from $3,443.
Logistics was an upside. Segment revenue grew to $44.8 million from $41.8 million, and its operating ratio improved to 92.6% from 99.1%.
For the first nine months of the year, PAMT’s net loss narrowed to $15.5 million from $23.4 million, while revenue rose 2.7% to $469.1 million.
As of Sept. 30, the company had $102.0 million in total liquidity and $195.0 million in stockholders’ equity. Total debt was $323.1 million, down $10.7 million from the end of 2025. Cash used in operations was $1.0 millions for the quarter and $17.7 million for the nine months.
