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PAMT CORP (PAMT+0.33%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a decrease in total operating revenues to $714.6 million from $810.8 million in the previous year, primarily due to a reduction in truckload services revenue and a decrease in fuel surcharge revenue.
Truckload services revenue, excluding fuel surcharges, decreased by 8.4% to $422.0 million, attributed to a reduction in total miles traveled and a decrease in rate per mile.
Logistics and brokerage services revenue, excluding fuel surcharges, decreased by 15.6% to $207.0 million, primarily due to a reduction in average rates charged to customers.
The company reported a net loss of $31.8 million for the year, compared to a net income of $18.4 million in the previous year. The loss is attributed to increased depreciation expenses and an impairment loss on certain asset groups of used trucks and trailers.
Depreciation expenses increased due to a change in accounting estimates related to the salvage values and useful lives of revenue equipment, resulting in an additional $24.7 million in depreciation expense.
An impairment loss of $6.4 million was recorded due to deteriorating market conditions for used revenue equipment.
Operating expenses increased to $751.4 million from $780.5 million, with significant increases in depreciation and rent and purchased transportation expenses.
The company maintains a revolving line of credit with a $60.0 million borrowing limit, with no outstanding borrowings as of December 31, 2024.
PAMT CORP's five largest customers accounted for approximately 39% of total revenues, with significant revenue derived from the automotive industry.
The company plans to purchase 293 new trucks and 300 trailers in 2025 and expects to finance these acquisitions through cash flows from operations and available credit facilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PAMT CORP annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.