P.A.M. Transportation Services reported first-quarter net income of $1.36 million, or 17 cents per share, turning around a loss of $450,000, or 5 cents, in the prior year.
Revenue fell 2% to $97.8 million, although results were helped by lower fuel costs and increased gains from equipment sales, the truckload carrier said.
“The first quarter was very challenging due to the severe winter weather conditions,” President Daniel Cushman said in a statement. “Industry capacity continues to tighten, which was primarily weather-related in January and February, but we haven’t seen any indication that this tightening will be short-lived.”
P.A.M. Transportation Services, based in Tontitown, Ark., ranks No. 65 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.