Con-way Lowers ’08 Earnings Outlook
Con-way Inc. Wednesday lowered its 2008 earnings forecast to a range of $2.60 to $2.80 a share, citing a downturn in freight demand from a lagging U.S. economy.
The company’s previous full-year outlook was $3 to $3.40 a share.
“The economy has been battered by an unprecedented confluence of macroeconomic crises, curtailing demand for freight transportation,” Chief Executive Officer Douglas Stotlar said in a statement.
The “challenging business environment” likely will persist through this quarter, he said.
Con-way, ranked No. 6 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers, is scheduled to release its quarterly results on Oct. 22.
