Quality Distribution has announced results for its third quarter ended Sept. 30. Net income was a record $38.0 million, as compared to $0.1 million for the same period last year. For the nine months ended Sept. 30, net income was $48.0 million, as compared to $5.7 million for the same period last year.
Total revenue for the quarter was $190 million, an 11% increase over the $171 million of revenue recorded during the same period in the prior year. Revenue, excluding fuel surcharges, increased 7.5% to $165 million as compared to $153 million for the third quarter of last year, representing the 15th consecutive year-over-year quarterly increase. Transportation revenues were $149 million, a 9.5% increase over the prior-year quarter, with about 6.5% attributable to increased miles and 3.0% related to higher average rates.
“We continue to see the positive impact of the turnaround plan we initiated last year being translated into revenue and earnings growth for our shareholders,” said Jerry Detter, chairman and chief executive officer of Tampa, Fla.-based Quality Distribution. “We are pleased with where the company is positioned entering 2007, as the company has made meaningful investments in our trailer fleet, and we have begun to benefit from the transition of a number of underperforming affiliates into company-managed operations. Additionally, our driver count is up 6 percent year over year, we have seen a significant decrease in our DSO, and we expect the strong rate environment to continue into next year.”