Quality Distribution posted positive second quarter earnings on an 18.5 percent boost in revenue from the same quarter of 2009.
The company, which provides bulk transportation and related services, said net income was $2.1 million, or 9 cents a share, compared to a net loss of $186.2 million, or $9.58 a share, for the 2009 period.
Revenue for the quarter was $177.6 million, up from $149.8 million for the second quarter of 2009.
"Quality's performance this quarter reflects the strength of our business model and demonstrates the earnings power of Quality's platform in light of a still-recovering economy," said Gary Enzor, CEO of the Tampa, Fla.-based company. "Transportation revenue, which excludes the impact of the sale of our QSI tank wash business, was up 15.5 percent year over year, and our leaner cost structure yielded even more dramatic earnings improvement."
"In the past two years, in the midst of a major general economic downturn, we have transformed our company by embracing a more cost- effective and asset light business model," said Steve Attwood, chief financial officer. "Now that demand for our services is improving, we are beginning to realize the benefits of our model."
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