Patriot Transportation Holding Inc. reported earnings dropped double digits for the three-month period that ended Dec. 31, although it came out ahead when a one-time settlement with gas company BP last year is excluded from the totals.
The trucking company generated $912,000 in profits for the quarter, or 28 cents per share, down from $1.4 million one year ago. But those figures include a $1 million settlement, or 31 cents per share, in connection with the April 2010 Deepwater Horizon oil spill, boosting profits on a one-time basis. Without the settlement, Patriot Transportation would have come out ahead on a year-over-year basis in the quarter.
Revenues for the quarter dropped 2.1% to $28.8 million, but expenses fell 4.4% to $27.5 million. As a result, operating income, or the difference between revenue and operating expenses, more than doubled to $1.2 million from $599,000 year-over-year.
“Transportation revenues [excluding fuel surcharges] were down $750,000 to $27,259,000 as a result of the lower revenue miles. However, as a result of improved pricing and effective utilization of our equipment, our transportation revenue per mile increased by 3.1% over the same quarter last year. Fuel surcharge revenues were up $137,000 to $1,499,000,” the company wrote in a statement.
Patriot Transportation also reported that the driver turnover rate dropped during the quarter compared with the past two years, but the number of qualified applicants also fell. The motor carrier reduced its average driver workforce to 670 from 700 one year ago.
