Company: PAMT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033356
Chunk: 27

Company: PAMT CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 27
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     (4.4
     )

     (0.2
     )

     (4.1
     )

     -

      Total operating expenses 

     106.7

     100.5

     110.0

     102.8

      Operating loss 

     (6.7
     )

     (0.5
     )

     (10.0
     )

     (2.8
     )

      Non-operating income 

     2.8

     3.3

     2.6

     2.3

      Interest expense 

     (4.8
     )

     (2.5
     )

     (4.4
     )

     (2.6
     )

      Loss before income taxes 

     (8.7
     )

     0.3

     (11.8
     )

     (3.1
     )

THREE MONTHS ENDED SEPTEMBER 30, 2025 VS. THREE MONTHS ENDED SEPTEMBER 30, 2024

During the third quarter of 2025, truckload services revenue, before fuel surcharges, decreased 17.6% to $91.2 million as compared to $110.6 million during the third quarter of 2024. The decrease relates primarily to a 10.7% decrease in total miles travelled from 46.5 million for the third quarter of 2024 to 41.5 million for the third quarter of 2025 and to a 2.4% decrease in our rate per mile, from $2.10 for the third quarter of 2024 to $2.06 for the third quarter of 2025. The reduction in total miles was primarily driven by a 10.0% reduction in the average number of trucks operated while the average miles driven by each truck for the third quarter of 2025 compared to the third quarter of 2024 remained relatively flat. The reduction in truck count and miles is a result of the ongoing freight recession, characterized by an oversupply of available trucks in the market compared to available freight.

Salaries, wages and benefits increased from 38.2% of revenues, before fuel surcharges, in the third quarter of 2024 to 40.9% of revenues, before fuel surcharges, during the third quarter of 2025. The percentage-based increase relates primarily to the interaction of a decrease in operating revenues with the