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Patriot Transportation Holding, Inc. (NASDAQ: PATI) operates as a regional tank truck carrier. The company conducts its business through its wholly-owned subsidiary, Florida Rock & Tank Lines, Inc. Patriot specializes in the transportation of petroleum products, dry bulk commodities, and liquid chemicals across the southeastern United States. The company operates terminals located in Florida, Georgia, Alabama, South Carolina, North Carolina, and Tennessee.
As of September 30, 2016, Patriot managed a fleet of 468 tractors and 561 tank trailers from 21 terminals and nine satellite locations. They haul liquid petroleum products such as gas and diesel fuel from large-scale storage facilities to retail outlets like convenience stores, truck stops, and fuel depots. Their dry bulk commodities include cement, lime, and various industrial powder products. The company also provides delivery services for liquid chemicals from distribution or manufacturing facilities to end users.
Patriot recently announced its fiscal 2023 third quarter earnings, revealing a net income of $526,000, or $.15 per share. The company experienced an increase in revenue miles by 7.7% and operating revenues of $24.2 million, up $1.3 million from the same quarter last year. This boost was attributed to higher miles, rate increases, and an improved business mix.
In significant corporate news, Patriot is set to be acquired by United Petroleum Transports, Inc. (UPT) for $16.26 per share in cash, valuing the transaction at approximately $65.9 million. This merger aims to create a top five bulk tank carrier by revenue in the southern United States, with combined revenues exceeding $200 million. The combined entity will operate over 1,000 drivers across 11 states with more than 30 terminals.
Patriot's commitment to safety and quality customer service has been a significant factor in its enduring market presence. The company operates with one of the most modern tank fleets in the industry, including over 300 tractors and 400 trailers. Florida Rock serves as a premier bulk tank carrier, especially known for its petroleum-related product hauling services.
Looking forward, Patriot will continue to operate under the Florida Rock & Tank Lines brand post-merger, leveraging the combined strength, high-quality employees, and a large customer base to strategically grow the business further. This merger underscores Patriot's strategic intention to expand its network and capitalize on new and existing market opportunities.
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.
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