Trucking company parent Quality Distribution Inc. has reported a 6.8% increase in revenue in the second quarter of the year compared to the same time a year ago as it moved from a loss to a profit.
Net income totaled $11.4 million, or 41 cents per diluted share, compared to a net loss of $31.1 million, or $1.18 per diluted share, for the Florida-based operation.
Revenue for the second quarter of 2014 was $255.6 million. Excluding fuel surcharges, revenue for the quarter increased $11.1 million, or 5.3%, compared to the prior-year period. This revenue improvement was primarily due to strong growth in chemical logistics, which was driven by increased volumes and positive contribution from new terminals established during the first and second quarters of 2014, according to the company.
"We are pleased with our second quarter performance as we delivered strong top line growth, advanced our balance sheet improvement strategy and met the high end of our earnings expectation range," stated Gary Enzor, chairman and CEO. "Our chemical and intermodal segments posted very solid results and all three of our operating segments generated increases in driver counts. On a company-wide basis, our driver count has risen 6% since the end of last year."
For the third quarter of 2014, Quality expects adjusted earnings per diluted share to be in the range of 19 cents to 23 cents. For the full year 2014, it expects adjusted earnings per diluted share to be in the range of 72 cents to 78 cents.
Headquartered in Tampa, Florida, Quality operates the chemical bulk logistics network Quality Carriers and is a provider of intermodal tank container and depot services through Boasso America Corporation. Quality also provides logistics and transportation services to the oil and gas industry through QC Energy Resources and QC Environmental Services.
For more details log on the Quality Distribution website.