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Patriot Transportation’s Fiscal 2Q Income Rises
Tank and bulk carrier Patriot Transportation Holding said Wednesday its fiscal second-quarter net income rose to $1.4 million, or 45 cents a share, from $626,000, or 20 cents, a year ago.
Transportation segment revenue for the quarter ended March 31 fell to $27 million, from $34.7 million a year ago, Patriot said in a statement.
Revenue miles fell 20.1% due to reduced loads in the flatbed portion of the transportation segment and reduced dry bulk tank hauling.
Its flatbed and dry bulk tank portions faced poor freight demand from the housing and commercial construction downturns, and in the first six months of its fiscal year, increased revenue per mile in the transportation segment and lower fuel expenses offset reduced demand for flatbed trucking services, Patriot said.
Patriot operates tank carrier Florida Rock & Tank Lines, flatbed hauler SunBelt Transport and a real estate business.