Patriot’s Fiscal 1Q Income Slips; Revenue Improves

Patriot Transportation Holding said Wednesday its fiscal first-quarter profit fell from a year ago, in part due to a one-time gain in the year-ago period.

Net income declined to $2.1 million, or 23 cents a share, from $6.4 million, or 68 cents, a year ago. The year-ago period included an after-tax gain of almost $5 million.

Revenue for the latest quarter ended Dec. 31 rose to $30.4 million, from $28.3 million.

Operating profit in the transportation segment fell 27.4% to $1.4 million, primarily due to increased health insurance claims, vehicle repairs, tire prices and the cost of growth initiatives.

Transportation revenue rose to $24.8 million, from $23 million.

Patriot operates tank carrier Florida Rock & Tank Lines and a real estate business.