Company: PAMT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033356
Chunk: 29

Company: PAMT CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 29
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 in accounting estimates related to the salvage 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 nine months ended September 30, 2025.

Non-operating income decreased from 3.3% of revenues, before fuel surcharges, during the third quarter of 2024 to 2.8% of revenues, before fuel surcharges, during the third quarter of 2025. The decrease was primarily attributable to smaller unrealized gains reflecting slower market appreciation in the value of the Company’s marketable equity securities, partially offset by higher realized gains from sales of marketable equity securities during the third quarter of 2025 compared to the same period in 2024.

Interest expense increased from 2.5% of revenues, before fuel surcharges, during the third quarter of 2024 to 4.8% of revenues, before fuel surcharges, during the third quarter of 2025. The increase is attributed to the Company’s increased long-term debt from $288.7 million at September 30, 2024 to $342.4 million at September 30, 2025, coupled with an increase in interest rates as the Company’s weighted average interest rate increased from 4.73% in 2024 to 5.19% 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 100.5% for the third quarter of 2024 to 106.7% for the third quarter of 2025.

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

For the nine months ended September 30, 2025, truckload services revenue, before fuel surcharges, decreased 13.4% to $276.4 million as compared to $319.4 million for the nine months ended September 30, 2024. The decrease relates primarily to an 11.8% decrease in total miles travelled from 139.5 million during the first nine months of 2024 to 123.1 million for the first nine months of 2025 and to a 2.6% decrease in our rate per mile, from $2.10 for the first nine months of 202