P.A.M. Takes $2.8 Million Loss in 1Q

Truckload carrier P.A.M. Transportation Services said it lost $2.8 million, or 29 cents a share, in the first quarter, compared with net income of $1.3 million, or 12 cents, a year earlier.

Operating revenue rose 7.1% to $105 million, P.A.M. said late Tuesday.

P.A.M. President Robert Weaver said the “results for the current quarter are humbling, and are reflective of the continued economic weakness in truckload freight demand and upward volatility of fuel.”

“The lack of truckload freight demand and resulting pricing competition continues to exert downward pressure on rates, impeding our ability to negotiate rate increases and often resulting in rates that are unacceptable in light of current costs,” he said in a statement.

P.A.M. is ranked No. 64 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.