Quality’s Third-Quarter Income Jumps
Tank truck carrier Quality Distribution’s third-quarter profit jumped on higher energy market revenue.
Net income rose to $6.2 million, or 25 cents per share, from $400,000, or 2 cents, a year ago, Quality said late Wednesday. Revenue rose 9.5% to $199.3 million.
Excluding fuel surcharges, revenue rose 5.1%, led by its entry into the oil shale market. Energy market revenue was $18.6 million, reflecting Quality’s first full quarter of operating under the recently awarded logistics contract in the Marcellus Shale.
Revenues from the chemical logistics business in the third quarter declined $11.4 million, on lower volume.
Quality Distribution is ranked No. 33 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers and is the second-largest tank carrier.
