Quality Reports First-Quarter Loss
Tank truck carrier Quality Distribution reported a first-quarter loss of $1.9 million, or 10 cents a share, compared with a loss of $200,000, or 1 cent, in last year’s first quarter.
Revenue rose 17% to $208.5 million, the company said late Wednesday.
Quality — which reported an $11 million loss for the fourth quarter of last year — said in April it was eliminating 60 positions.
The job cuts will give it reduction in payroll costs of about $5 million annually and Quality said Wednesday it would take a pre-tax charge of $1.8 million in the second quarter, up from a previously estimated $1.5 million
Quality Distribution is ranked No. 35 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
