Quality Distribution's Income Plunges in Third Quarter
ank truck carrier Quality Distribution reported late Monday that its earnings dropped to $50,000 or 0.3 cent a share for the third quarter, compared with $2.8 million or 14 cents a year earlier.
The company’s revenue rose 7.7% to a record $170.6 million, Quality said in a statement.
“Overall, demand in the quarter ran well below our expectations,” said Chief Executive Officer Jerry Detter, who took over from former CEO Thomas Finkbiner in June.
Quality said demand has been strong since late September, and that it had all-time record levels of billed revenue in the last three weeks of October.”
Quality is ranked No. 33 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.