Company: PAMT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033356
Chunk: 74

Company: PAMT CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 74
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 surcharges, during the first nine months of 2024 to 2.6% of revenues, before fuel surcharges, during the first nine months of 2025. Although gains on marketable equity securities were relatively consistent year over year, the increase in non-operating income as a percentage of revenue reflects lower operating revenues in 2025 compared to the prior-year period.

Interest expense increased from 2.6% of revenues, before fuel surcharges, during the first nine months of 2024 to 4.4% of revenues, before fuel surcharges, during the first nine months 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 102.8% for the first nine months of 2024 to 110.0% for the first nine 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 

      Nine Months Ended 

      September 30, 

      September 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 

     5.6

     5.0

     5.6

     4.8

      Rent and purchased transportation 

     90.2

     86.8

     89.4

     86.4

      Other 

     3.3

     2.5

     3.6

     2