Truckload carrier P.A.M. Transportation Services’ first-quarter net income fell to $1.3 million or 12 cents a share, from $5.2 million or 50 cents last year.
P.A.M. President Robert Weaver cited a “softening of the freight market” as the main reason for the decline, which “resulted in very aggressive competition for available freight and generally resulted in a shift to a market more favorable to shippers.”
Operating revenue excluding fuel surcharges fell 3.6% to $87.5 million, P.A.M. said late Wednesday.
P.A.M. is ranked No. 65 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.