Con-way Net Income Shows Slight Drop
Weaker results in its logistics unit led to a slight decline at Con-way Inc. in fourth-quarter net income to $11.7 million, or 20 cents per share, compared with $11.8 million, or 21 cents per share, in the year-earlier period.
The Menlo Logistics unit experienced a 69% drop in earnings before interest and taxes to $2.72 million. The company’s total revenue was $1.36 billion in both periods.
While net income fell 0.9% at Ann Arbor, Mich.-based Con-way, its less-than-truckload and truckload units reported improved results.
“These results were not indicative of the overall progress we made in 2013 to position our company for long-term success,” CEO Douglas Stotlar said.
The less-than-truckload unit improved revenue 2.7% to $847 million and raised profit before interest and taxes 11% to $21.5 million. Tonnage growth of 1% was held down by bad weather, the company said.
Truckload operating income rose 5% to $8.9 million, though revenue climbed less than 1% to $155.8 million.
Con-way ranks No. 3 on the Transport Topics Top 100 list of for-hire carriers in the United States and Canada.
