Truckload carrier Pam Transportation Services saw a return to profitability on a consolidated basis as operating trends improved sequentially in the third quarter. The quarter started slow due to planned shutdowns across its automotive manufacturing customer base and was further crimped by a hurricane to close the period.
Pam (NASDAQ: PTSI) reported earnings per share of 11 cents, which came in ahead of a lone analyst estimate of 2 cents but declined 17 cents year over year. The quarter saw a 7-cent benefit from higher gains on equity holdings, which was partially offset by higher interest expense (a 3-cent headwind). Lower gains on equipment sales were offset by a lower tax rate.
“The quarter started off slow because of extended, but planned, down time from some of our biggest customers and ended slower than expected as we saw impacts to our business and volumes prior to Hurricane Helene,” President Joe Vitiritto said in a news release.
On a consolidated basis, the company posted its first operating profit in a year. However, its truckload segment recorded a fourth straight operating loss.