Patriot Transportation Holding, Inc. (NASDAQ:PATI) were pretty much unchanged Wednesday on the release of fourth-quarter operating results.
The Jacksonville-based company reported net income of $526,000, or $0.15 per share for the quarter ended September 30, 2023, compared to $470,000, or $.13 per share in the same quarter last year.
Revenue miles were up 402,000, or 7.7%, over the same quarter last year. Operating revenues for the quarter were $24,217,000, up $1,335,000 from the same quarter last year due to higher miles, rate increases, and an improved business mix. Operating revenue per mile was down $.08, or 1.8% due mainly to lower fuel surcharges as diesel prices have declined since the same quarter last year.
Compensation and benefits increased $895,000, mainly due to the increase in owner operators. Fuel expense decreased $515,000 due to lower diesel prices in the quarter. Insurance and losses decreased $81,000 due to lower risk insurance claims offset by increased health insurance claims. Sales, general & administrative increased $499,000 due mainly to bonus accruals. Corporate expenses included $368,000 of costs related to the pending merger. Gain on sale of equipment was $274,000 versus $97,000 in the same quarter last year.
As a result, operating profit this quarter was $579,000 compared to $484,000 in the same quarter last year.
PATI shares were flat early afternoon Wednesday at $15.99.
