P.A.M. Transportation Services reported a third-quarter loss Wednesday, citing a softer freight market and increased costs.
It lost $500,000, or 5 cents a share, compared with a loss of $1.3 million, or 13 cents, a year ago. Revenue rose 13% to $76.7 million, the truckload carrier said in a statement.
With a “sharp increase in demand for qualified drivers” in the quarter, P.A.M. said it removed a 5% pay reduction in August that had been in place since June 2009, which added about $700,000 in additional expense from the second quarter.
Increased competition for drivers resulted in elevated turnover, and a 42-truck reduction in the number of revenue-producing units, the company said.
P.A.M. is ranked No. 62 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.