Con-way Posts First-Quarter Profit
Con-way Inc. reported a first-quarter profit compared with a loss a year ago, as its less-than-truckload operations improved.
Net income was $6.9 million, or 12 cents a share, compared with a loss of $4 million, or 8 cents, a year ago. Revenue rose 7.2% to $1.25 billion.
LTL unit Con-way Freight, the company’s largest business, posted operating income of $20.3 million, compared with a loss of $3.2 million a year ago
Its Menlo Worldwide Logistics unit’s operating income fell 32.7% to $8.6 million. Revenue rose 4.2% to $370 million.
Con-way Truckload’s operating income more than doubled to $7.1 million, from $3 million. Revenue rose to $145.2 million, from $140.6 million, in part due to higher fuel surcharges.
Con-way is seeking to raise rates, after curbing prices in 2009 amid slumping demand, Bloomberg reported.
Con-way Inc. is ranked No. 6 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
