PAM Transportation reports $2.2M loss to close out the 2023 financial year.
$2.2 million in fourth quarter losses were reported for PAM Transportation Services Inc. for October 1st, 2023 through December 31st, 2023. This marks a 24.2% decrease in revenue as compared to last year’s Q4 – from $237.6 million in 2022 to $180.2 million in 2023.
Joe Vitiritto, president of PAM, has blamed the losses on a poor freight market and the United Auto Workers strike, which affected several of PAM’s customers, reported the Arkansas Democrat Gazette.
“Unlike previous UAW strikes, the approach taken in the 2023 strike was impactful to the majority of our auto customer base including both auto manufacturers and suppliers,” he said. “While the strike ended by mid-November, the negative impact carried on through the typical holiday shutdowns with no post-strike surge.”
“We are staying focused on our longer-term objectives and seeing sustainable progress in areas that will put us in a position to get back to profitable growth that aligns with our expectations,” he continued.
A few more stats for the company include:
94,776 Q4 loads in 2023 vs. 104,719 in 2022
$3,722 Q4 revenue per truck vs. $4,466 in 2022
1,938 company trucks in Q4 2023 vs. 2,056 in 2022
299 owner operator trucks in Q4 2023 vs. 405 in 2022
PAM Transportation shares climbed 14 cents to $20.85 at market close on Thursday, February 1st. PAM shares have fluctuated between a low of $15.66 and a high of $31.36 in the last twelve months.