Con-way Reports Higher 2Q Profit
Con-way Inc. reported a higher second-quarter profit than the same quarter last year, although its revenue and operating income fell slightly.
Net income rose to $42.9 million, or 75 cents a share, from 41.8 million, or 74 cents, a year ago, the company said late Wednesday.
Revenue slipped to $1.3 billion from $1.45 billion, and operating income declined to $76.3 million from $80.1 million, the less-than-truckload carrier said.
Operating income at LTL unit Con-way Freight, the company’s largest business unit, rose 2.4% to $54.7 million, while revenue rose 1.6% to $892.3 million.
Con-way Truckload’s operating income declined to $10.9 million from $14.6 million a year ago, while revenue dipped slightly to $161.8 million.
Its Menlo Worldwide Logistics unit’s operating income fell to $6 million from $12.7 million, which was adversely affected by a $3.7 million bad debt expense. Revenue fell 17.3% to $370.4 million.
Con-way is ranked No. 3 on the Transport Topics Top 100 listing of U.S. and Canadian for-hire carriers.
