JACKSONVILLE, Fla. — Patriot Transportation Holding Inc. said Wednesday its fiscal first-quarter earnings fell as its tank-hauling business failed to renew contracts.
The company earned $1.3 million, or 43 cents per share, in the quarter ended Dec. 31, compared with $1.7 million, or 56 cents per share, in the same period a year earlier.
Revenue fell to $27.5 million from $30.8 million.
Sales fell in Patriot's tank-hauling business, which mostly serves petroleum companies, due to fewer miles driven and lower fuel surcharges. The company said last month that the transportation segment has failed to renew contracts that represent about 11 percent of the unit's revenue.
The real estate unit, which operates warehouses, was hit by lower occupancy. The company said there are fewer prospective tenants and rental rates are still falling.
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