Quality Distribution reports record 2Q earnings, revenue

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Quality Distribution on Monday, Aug. 7, reported record net income for the second quarter ended June 30 of $5.5 million, compared with net income of $2.7 million in the second quarter of last year. Net income for the six months ended June 30 was $10 million, as compared with net income of $5.6 million over the same period of the prior year. This represents the company’s third consecutive record quarterly earnings.

Total revenue for the quarter was $190.3 million, an 11.3 percent increase over second-quarter revenues of $171 million last year, representing the 14th consecutive quarterly year-over-year increase in revenues. Transportation revenues increased 6.9 percent from the prior-year quarter as a result of a continued strong rate environment and an increase in miles. Total revenue for the six months ended June 30 increased 11.1 percent to $369 million from $332.2 million last year, with transportation revenues increasing by 6.9 percent.

“A little over a year ago, we embarked on an ambitious plan to restore Quality Distribution to profitability,” said Jerry Detter, chief executive officer of Tampa, Fla.-based Quality. “We have made significant strides in the areas of driver recruitment, employee turnover, affiliate relations and back-office processes, all of which manifest themselves in improving profitability. We have a significant sales pipeline, and as we start the second half of the year, demand is strong and revenues are running at high single-digit levels above last year.”