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Patriot Transportation Holding, Inc. (NASDAQ:PATI) reported a net income of $485,000 ($0.14 per share) for Q1 2023, significantly down from $6,439,000 ($1.74 per share) the prior year, which included notable real estate gains. Operating revenues increased to $22,850,000, attributed to higher rates and fuel surcharges, despite a 5.5% drop in revenue miles due to a reduced driver count. Operating profit fell to $620,000 compared to $8,541,000 in Q1 2022. The company is focused on reducing inflation impact through effective rate negotiations while maintaining a stable balance sheet with $7.8 million in cash. Capital expenditures of about $12 million are planned for FY 2023.
Patriot Transportation Holding, Inc. (NASDAQ:PATI) will release its first quarter earnings on February 2, 2023, followed by a conference call at 3:00 PM EST. Interested participants can join via phone or listen to a live stream on the company's website. An audio replay will be available for 60 days post-call. On the same date, the company will conduct its 2023 Annual Shareholder's meeting at 11 AM EST, accessible through multiple options including a Zoom link. Patriot Transportation operates through its subsidiary, Florida Rock & Tank Lines, Inc., focusing on transporting liquid and dry bulk goods in the southeastern U.S.
Patriot Transportation Holding (NASDAQ:PATI) reported a net income of $470,000 ($0.13/share) for Q4 2022, up significantly from $40,000 ($0.01/share) in Q4 2021. Operating revenue increased to $22.9 million, driven by rate hikes and improved business mix, despite a 6% drop in revenue miles due to driver count issues. For fiscal year 2022, net income reached $7.19 million ($1.98/share), influenced by substantial gains from real estate sales. The company plans $12 million in capital expenditures for 2023, focusing on driver compensation and rate negotiations to counter inflationary pressures.
