Company: PAMT
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001437749-25-025711
Chunk: 78

Company: PAMT CORP
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 78
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 value and useful lives of revenue equipment during the year ended December 31, 2024. The reduced estimated salvage values had a direct impact on gains recognized when disposing revenue equipment during the six months ended June 30, 2025.

Non-operating income increased from 1.8% of revenues, before fuel surcharges, during the first six months of 2024 to 2.5% of revenues, before fuel surcharges, during the first six months of 2025. The increase was primarily driven by growth in the market value of our marketable equity securities as of June 30, 2025, compared to the same date in 2024.

Interest expense increased from 2.7% of revenues, before fuel surcharges, during the first six months of 2024 to 4.2% of revenues, before fuel surcharges, during the first six months of 2025. The increase is attributed to the Company’s increased long-term debt from $266.0 million at June 30, 2024 to $331.2 million at June 30, 2025, coupled with an increase in interest rates as the Company’s weighted average interest rate increased from 4.55% in 2024 to 5.10% in 2025.

The truckload services division operating ratio, which measures the ratio of operating expenses, net of fuel surcharges, to operating revenues, before fuel surcharges, increased from 103.9% for the first six months of 2024 to 111.7% for the first six months of 2025.

RESULTS OF OPERATIONS – LOGISTICS AND BROKERAGE SERVICES

The following table sets forth, for logistics and brokerage services, the percentage relationship of expense items to operating revenues, before fuel surcharges, for the periods indicated. Brokerage service operations occur specifically in certain divisions; however, brokerage operations occur throughout the Company in similar operations having substantially similar economic characteristics.

      Three Months Ended 

      Six Months Ended 

      June 30, 

      June 30, 

      2025 

      2024 

      2025 

      2024 

      (percentages) 

      Operating revenues, before fuel surcharge 

     100.0

     100.0

     100.0

     100.0

      Operating expenses: 

      Salaries, wages and benefits 

     5.2

     4.9

     5.6