Quality Distribution Inc. reported net losses in the fourth quarter and full-year 2013, driven primarily by various noncash charges.
Quality lost $22.8 million, or 85 cents a share, in the fourth quarter, compared with a net profit of $5.7 million, or 21 cents a share, in the previous year, the company said Feb. 26. Revenue grew 4.7% to $225.4 million.
Adjusting for the charges, the carrier saw a net income of $3.6 million, or 13 cents a share, compared with $3 million, or 11 cents, in the year-ago quarter.
“Overall, our fourth-quarter results were in line with our expectations of moderate improvement in adjusted earnings per share versus last year's fourth quarter,” Quality Chairman and CEO Gary Enzor said in a statement.
“We continued our trend of generating solid levels of free cash flow and funding capital expenditures with asset sales, and our chemical and tntermodal businesses performed well despite adverse weather conditions in certain areas of the country. These positives were somewhat offset by a difficult fourth quarter in our energy business where results, especially toward the end of the year, fell short of our expectations,” Enzor said.
For the full year, adjusted profit fell to $18.4 million, or 68 cents a share, from $18.9 million, or 69 cents, a year earlier. Revenue increased 10.4% to $929.8 million.