Quality Distribution Inc.
Quality Distribution Inc. reported a second-quarter profit after a loss a year ago stemming from a charge at its logistics segment.
Net income increased to $11.4 million, or 41 cents per share, from a loss of $31.1 million, or $1.18, a year ago, the company reported. Revenue rose 6.8% to $255.6 million, the tank truck carrier said.
Last year, the company had a second-quarter impairment charge of $55.7 million and a $22.8 million reversal of a deferred tax valuation.
“We are pleased with our second-quarter performance as we delivered strong top-line growth, advanced our balance sheet improvement strategy and met the high end of our earnings expectation range,” Chairman and CEO Gary Enzor said in a statement.