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At a time when many publicly held trucking companies are reporting lower, if not sharply lower, first quarter profits, one stood out among the herd of numbers released Wednesday while another saw a slight improvement in earnings.
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The latest batch of fleet earning reports from the fourth quarter are in, with three major fleets reporting revenue dips and a fourth signaling that it will have similar news when its formal report is released next month.
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Third-quarter financial reports from fleets and equipment makers continue to reflect a tepid freight environment.
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The wave of first quarter earnings reports from the nation’s publicly owned fleets continued on Wednesday, with three out of four lower than a year earlier due mainly to less freight to move.
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Earnings for the trucking company Heartland Express Inc. (NASDAQ: HTLD) declined in both the final quarter of 2015 and all of last year due to less business while Patriot Transportation Holding Inc. (NASDAQ: PATI) saw an improvement due in large part to a legal settlement.
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According to the Florida-based company this was the result of an “intangible asset impairment charge” of just over $2 million, with an with an after tax impact to net income of $1.265 million, relating to its November 2013 purchase of Pipeline Transportation.
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FRP Holdings Inc. announced Tuesday its board of directors unanimously approved the separation of its freight transportation business, Patriot Transportation Holding Inc., soon to be known as New Patriot, from its real estate business.
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The parent company of bulk tanker carrier Florida Rock and Tank Lines filed papers a few days ago to spin off the trucking business into a new holding company that is separate from its real estate ventures.
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Patriot Transportation Holding on Wednesday said it plans to separate its transportation business, the trucking company Florida Rock & Tank Lines, from its real estate businesses.
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The parent to liquid and dry bulk carrier Florida Rock and Tank lines reports earnings in the final three months of last year fell 25% from a year earlier, despite an increase in revenue.
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