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.
“Our energy logistics segment achieved sequential margin improvement this quarter, despite headwinds in certain shale regions. Overall, the first half of 2014 met our expectations, and we look forward to carrying this momentum into the second half of the year,” he said.
The company said it expects third-quarter earnings to be in the range of 19 to 23 cents per share. Full-year expectations are 72 to 78 cents per share.
Quality Distribution ranks No. 34 on the Transport Topics Top 100 listing of U.S. and Canadian for-hire carriers.