Company: PAMT
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001437749-25-015763
Chunk: 26

Company: PAMT CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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 on sale or disposal of property 

     (3.3
     )

     0.2

      Total operating expenses 

     110.9

     104.2

      Operating Loss 

     (10.9
     )

     (4.2
     )

      Non-operating income 

     2.7

     3.7

      Interest expense 

     (4.2
     )

     (2.5
     )

      Loss before income taxes 

     (12.4
     )

     (3.0
     )

THREE MONTHS ENDED MARCH 31, 2025 VS. THREE MONTHS ENDED MARCH 31, 2024

During the first quarter of 2025, truckload services revenue, before fuel surcharges, decreased by 9.6% to $92.4 million as compared to $102.2 million during the first quarter of 2024. The decrease relates primarily to a 6.5% decrease in total miles travelled from 44.1 million during the first quarter of 2024 to 41.2 million during the first quarter of 2025 and to a 3.3% decrease in our rate per mile, from $2.11 for the quarter ended March 31, 2024 to $2.04 for the quarter ended March 31, 2025. The reduction in total miles was primarily driven by a 3.5% reduction in the average number of trucks operated combined with a 1.5% reduction in average miles driven by each truck during the quarter ended March 31, 2025 compared to the quarter ended March 31, 2024. The reduction in truck count and miles resulted from a less favorable freight market characterized by an oversupply of available trucks in the market compared to available freight.

Salaries, wages and benefits increased from 40.5% of revenues, before fuel surcharges, in the first quarter of 2024 to 41.3% of revenues, before fuel surcharges, during the first quarter of 2025. The percentage-based increase relates primarily to the interaction of a decrease in operating revenues with the fixed-cost nature of employing human capital.

Operating supplies and expenses increased from 12.4% of revenues, before fuel surcharges, during the first quarter of 2024 to 13.5% of revenues, before fuel surcharges, during the first quarter of 2025. The increase relates