Lower earnings were reported by two major carriers yesterday.

Tampa, FLoa.-based parent to Quality Carriers, TransPlastics, and Quebec-based Levy Transport, Quality Distribution, announced second quarter revenue decreased 10.8% to $133.6 million, compared to $149.8 million for the same period in 2000. However, it increased 2.2% compared to $130.8 million for the quarter ended March 31, 2001.
Operating income for the second quarter totaled $7.6 million, or 5.7% of revenue, compared to $11 million, 7.3% of revenue, in the comparable period during 2000.
"The increase of 2.2% in revenue over the first quarter 2001 was a result
of our program to add new business offset by continued lower market demand during the quarter," said Tom Finkbiner, Quality Distribution CEO. "The additional new business opportunities and increased affiliate conversions required start up costs resulting in a higher operating ratio."
Clayton, Ala.-based Boyd Bros. Transportation also reported financial results for the second quarter and first six months of the year.
For the second quarter, operating revenues declined 3% to $31.67 million, from $32.6 million last year. However, net income for the second quarter of 2001 increased 35% to $282,711 from $208,934 in the same period last year.
Boyd Bros.' operating ratio for the second quarter of 2001 was 96.3%, reflecting an improvement from an operating ratio of 98.5% in the first quarter of the year, but below the 95.7% operating ratio reported for the second quarter of 2000. The company said this was primarily due to an ongoing weakness in freight revenues, which has affected the company's fleet efficiency, combined with higher costs.
"We are pleased to announce that Boyd. Bros. returned to a profitable operating level in the second quarter, marking continued improvement from the losses that we incurred over the past several quarters," said President and CEO Gail B. Cooper. "Although our load counts and the general environment for freight has improved from the trough we witnessed in late 2000 and early 2001, the rebound that began toward the end of the first quarter has not developed as much momentum as we anticipated with the coming of the summer months. We believe this slower-than-expected ramp up in freight volume is largely attributable to the ongoing weakness of the steel industry, which accounts for a large portion of our business."