Profit Declines for Quality Distribution
November 06, 2013
The parent to bulk chemical haulers, Quality Carriers and Boasso America, has reported net income of $2.8 million, for the third of the year, down sharply from $8.9 million a year earlier.
Florida-based Quality Distribution’s total revenue for the third quarter of 2013 was $235.7 million, an increase of 6.1% versus the same quarter last year. Excluding fuel surcharges, revenue for the third quarter of 2013 increased $12.4 million, or 6.5%, compared to the prior-year period.
Revenues in the company’s chemical logistics segment were $157.3 million in the third quarter of 2013, up 3.9% versus the third quarter of 2012, while revenues in its energy logistics segment during the same time were $43.1 million, up $4.6 million. Third quarter revenues in the intermodal segment were $35.3 million, up $3.1 million, or 9.8%.
“Our chemical logistics business showed many signs of stability from a profitability standpoint as we rapidly move past the independent affiliate conversion issues we encountered last year. The near-term and long-term outlook for the chemical logistics business remains positive, said Gary Enzor, chairman and CEO. “Intermodal continued their positive momentum this year with strong top and bottom line year-over-year comparisons, and the outlook for this business is also positive."
Ensor described the company’s energy logistics business as a “work-in-progress as our management team addresses underperforming areas to improve results.”
“The Marcellus affiliation we implemented earlier this year has proven to be positive for both Quality and our independent affiliate, and we are confident the same will occur with the reorganization and planned affiliation of our Oklahoma operation,” he said.
Further details on the company’s third quarter performance are available on its website.