Quality Distribution’s First-Quarter Income Declines
Quality Distribution Inc. reported its first-quarter net income declined in part on severe weather conditions.
Net income declined to $3.1 million, or 11 cents per share, from $9.1 million, or 34 cents, a year ago, the company reported May 5.
Revenue rose 2.2% to $234.5 million, the tank truck carrier said. Excluding fuel charges, revenue increased $5.3 million.
“Each of our business segments performed well this quarter once weather conditions improved, resulting in adjusted earnings that met the high end of our expectations,” Chairman and CEO Gary Enzor said in a statement.
“We look forward to carrying this momentum into our stronger seasonal quarters as all indicators point to solid revenue expectations across our segments, most notably in our chemical business,” he said.
The company said it expects second-quarter earnings to be in the range of 18 to 22 cents per share. Full-year expectations are unchanged at 70 to 80 cents per share.
Quality Distribution ranks No. 35 on the Transport Topics Top 100 listing of U.S. and Canadian for-hire carriers.
