If weak freight demand was not enough to sink P.A.M. Transport's earnings in the third quarter, the company's exposure to volatile equity markets would do the trick.
Tontitown-based P.A.M. Transport reported a net loss of $3.18 million in the quarter ending Sept. 30, compared with a net income of $36,178 a year ago.
The trucking company reduced its fleet size by 6 percent from a year ago and slowed driving speed to help bring expenses in line with revenue. But large losses in stock positions owned by the company equaled roughly 21 cents of a 33-cent-per-share loss reported Tuesday.
CEO Robert Weaver said the company had an operating loss of 8 cents per share in the quarter, while 4 cents was attributed to interest expense. Without the 21-cent noncash writedown of P.A.M's stock portfolio, the company exceeded the earnings expectation published at Yahoo! Finance. Wall Street consensus expected a net loss of 18 cents per share. A year ago P.A.M. came up empty-handed, returning a flat 0 cent return per share.
P.A.M.'s revenue including fuel surcharges totaled $105.95 million in the third quarter, down 5.7 percent from $86.62 a year ago.
More: The Morning News
Tontitown-based P.A.M. Transport reported a net loss of $3.18 million in the quarter ending Sept. 30, compared with a net income of $36,178 a year ago.
The trucking company reduced its fleet size by 6 percent from a year ago and slowed driving speed to help bring expenses in line with revenue. But large losses in stock positions owned by the company equaled roughly 21 cents of a 33-cent-per-share loss reported Tuesday.
CEO Robert Weaver said the company had an operating loss of 8 cents per share in the quarter, while 4 cents was attributed to interest expense. Without the 21-cent noncash writedown of P.A.M's stock portfolio, the company exceeded the earnings expectation published at Yahoo! Finance. Wall Street consensus expected a net loss of 18 cents per share. A year ago P.A.M. came up empty-handed, returning a flat 0 cent return per share.
P.A.M.'s revenue including fuel surcharges totaled $105.95 million in the third quarter, down 5.7 percent from $86.62 a year ago.
More: The Morning News
