Con-way Reports Third-Quarter Loss
Con-way Inc. Wednesday reported a third-quarter loss compared with a profit a year ago, citing acquisition and other charges for the period.
The carrier lost $8.2 million, or 15 cents per share, compared with net income of $13.5 million, or 27 cents, a year ago.
It took a $16.4 million goodwill-impairment charge related to its 2007 acquisition of Chic Logistics, and cited $5.5 million of expense for recent employee severances and the planned consolidation of its executive offices.
Con-way said that on a non-GAAP basis (generally accepted accounting principles) its third-quarter earnings per share were 22 cents, compared with 38 cents a year ago, excluding the outstanding charges.
Less-than-truckload Con-way Freight, the company’s largest unit, had operating income of $13.1 million, down from $22.8 million a year ago. Revenue rose 13.1% to $797.1 million, as weight per day rose 8.7%.
Con-way Truckload’s operating income fell to $5.5 million from $10.6 million last year. Revenue fell 3.8% to $140.7 million.
Menlo Worldwide Logistics, Con-way’s logistics and supply chain unit, reported an operating loss of $6.3 million, compared with operating income of $9.5 million a year ago. Revenue rose 6.8% to $370 million.
Con-way is ranked No. 6 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
