Patriot Transportation Posts Higher Profits, Revenue in Quarter
Patriot Transportation Holding Inc. reported net income rose 32% after the trucking company was able to earn $1.3 million on the sale of an easement during the quarter.
Profits for the three-month period, which ended Sept. 30, were $2.1 million, or 63 cents per share, compared with $1.6 million, or 48 cents one year ago.
Revenue increased only 0.2% to $30.4 million, but expenses jumped 2.7% to $26.9 million. Excluding fuel surcharges, however, revenue rose 2% to $28.9 million.
“We were successful this year in growing our per-mile transportation revenue by 4.7% over last fiscal year," Patriot said in a statement. "The substantial improvement in net fuel expense the last two quarters is a tribute not only to our management team but also to our customers who worked very hard with us to neutralize the impacts of the fluctuating price of diesel fuel.”
“We continue to focus on the difficult challenge of hiring and retaining qualified drivers," according to the statement. "Our strategy going forward is to concentrate our growth efforts in the markets where we have been successful finding those drivers. We will also focus our efforts on improving our technology to enhance both our drivers’ and our customers’ experience while also working to lower our costs by streamlining and automating many of our day-to-day processes.”