(By Balaseshan) Patriot Transportation Holding Inc. (NASDAQ: PATR) reported a 47% jump in quarterly earnings driven by gains on equipment sales, lower than expected health insurance claims, new property royalties and an increase in occupancy.
Earnings for the first quarter were $3.12 million or $0.33 per share, up from $2.12 million or $0.23 per share in the previous year quarter.
Total revenue increased to $33.06 million from $30.36 million.
Transportation revenue rose 7.2% to $26.64 million. Revenue miles in the current quarter were up 3.4% from last year due to business growth. Revenue per mile increased 3.8% due to rate increases and higher fuel surcharges.
The average price paid per gallon of diesel fuel increased by 4.7% over the same quarter in fiscal 2012.
Excluding fuel surcharges, revenue per mile increased 4.6% over the same quarter last year.
Mining royalty land revenue jumped 36.2% to $1.33 million, due to new property royalties and higher tons mined. Developed property rentals revenue grew 12.0% to $5.087 million due to higher occupancy.
Transportation segment miles for this year were 3.4% higher than last year. The company continues to succeed in adding drivers and customers and anticipates increasing segment miles during fiscal 2013.
PATR is trading down 2.46% at $26.19 on Wednesday. The stock has been trading between $18.71 and $29.90 for the past 52 weeks.