Patriot Transportation Holding Inc. announced $3.6 million in profits in its fiscal first quarter, more than four times the amount one year ago thanks to $3 million in deferred tax benefits tied to the Tax Cuts and Jobs Act.
On a per-share basis, the tank truck carrier made $1.02 in profits, of which 92 cents were connected to the tax law.
In the same quarter of 2016, the Jacksonville, Fla.-based company ended with $912,000 in profits or 28 cents.
Revenue declined 3.2% to $27.9 million and total miles driven slipped 6.5% to nearly 9.3 million.
“We continue to focus on adding business to replace the loss of business that occurred last year. We recently entered into a new, three-year agreement with one of our top five largest accounts that will significantly increase our business levels with this customer. This increased business is starting in February and should be fully integrated in our results beginning in the third quarter,” the company wrote in a statement.
Compensation and benefits decreased $211,000 due to fewer miles driven but were 5.7 cents per mile higher as a result of the recent driver pay increase and higher training costs. In the fiscal first quarter, the driver turnover rate was 62% versus 55.8% in the same quarter last year.
The carrier doesn’t rank on the Transport Topics Top 100 list of the largest for-hire carriers in North America, but subsidiary Florida Rock & Tank Lines ranks No. 12 on the tank/bulk sector list.