Business
PAMT CORP Announces Results for the Fourth Quarter and Year Ended December 31, 2024
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
About this update from Pamt Corp
[{"type":"text","content":"\nFourth Quarter 2024 Summary Results\n\n\n\nTotal revenues of $166.5 million\n\n\n\nOperating loss of $37.7 million\n\n\n\nOperating ratio of 122.6% and adjusted operating ratio (non-GAAP) of 104.5%(1)\n\n\n\nDiluted loss per share of $1.45\n\n\n\nTwelve months ended December 31, 2024 Summary Results\n\n\n\nTotal revenues of $714.6 million\n\n\n\nOperating loss of $36.8 million\n\n\n\nOperating ratio of 105.1% and adjusted operating ratio (non-GAAP) of 100.9%(1)\n\n\n\nDiluted loss per share of $1.45\n\n\n\n TONTITOWN, Ark.--(BUSINESS WIRE)--\nPAMT 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.\n\n\nThe 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.\n\n\nConsolidated 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.\n\n\n\n\n(1)\n\n\n\n\n\n\nCalculation of this non-GAAP financial measure and a reconciliation to the most directly comparable GAAP measure are included in the schedules accompanying this release....