P.A.M. Transportation(PTSI) - 2024 Q1 - Quarterly Results

Financial Performance - Total revenues for the first quarter of 2024 were $182.6 million, a decrease of 17.6$221.7 million in the first quarter of 2023[16] - The company reported a net income of $0.3 million, or diluted earnings per share of$0.01, down from a net income of $5.2 million and diluted earnings per share of$0.23 in the same quarter last year[6][16] - Operating loss for the quarter was $0.7 million, with an operating ratio of 100.4$183.3 million, compared to $213.2 million in the first quarter of 2023[19] Cash Flow and Assets - Operating cash flow generated during the first quarter was$9.6 million[12] - As of March 31, 2024, the company had total current assets of $245.1 million and total assets of$749.7 million[9][17] - Outstanding debt increased to $271.6 million, representing a$9.9 million increase from December 31, 2023[17] Operational Metrics - Average revenue per truck per workday decreased to $729, down from$802 in the previous year[14] - The empty miles factor was reported at 8.60%, a slight improvement from 8.96% in the previous year[14] Market Conditions - The truckload market remains challenging, with shippers leveraging an overcapacity market to achieve rates at or below cost[11]