Quality Distribution Inc. reported third-quarter profit increased on growth in its chemical business.
Net income increased to $3.6 million, or 13 cents per share, from $2.8 million, or 10 cents, a year ago, the company reported. Revenue rose 9.7% to $258 million, the tank truck carrier said.
Revenue in its chemical logistics business grew 10.9% to $17.1 million from higher volume, price increases and the opening of several new terminals, according to the Tampa, Florida-based company.
“Our chemical business is growing nicely through the expansion of our national footprint, and our intermodal business continues to deliver steady and profitable growth,” Chairman and CEO Gary Enzor said in a statement.
Quality reported intermodal revenue increased 15.1% to $40.6 million due in part to higher import volume.
“Our energy logistics revenue was relatively flat from last year, yet achieved modest year-over-year margin improvement this quarter. On an overall basis, our driver count is up 7.1% since the end of last year as all of our businesses have benefited from our successful driver recruiting and retention efforts,” Enzor said.
The company said it expects fourth-quarter earnings to be in the range of 14 cents to 18 cents per share. Full-year expectations are 72 cents to 76 cents per share.
Quality Distribution ranks No. 34 on the Transport Topics Top 100 list of U.S. and Canadian for-hire carriers.