Con-way Swings to 3Q Profit
Con-way Inc. late Thursday reported a third-quarter profit compared with a loss a year ago, as its truckload, less-than-truckload and logistics operations all improved.
Net income $29.1 million, or 52 cents a share, turning around a loss of $8.2 million, or 15 cents, a year ago.
Revenue rose 8.4% to $1.27 billion, Con-way said in a statement. Operating income jumped to $61.1 million, from $12.5 million a year ago.
LTL unit Con-way Freight, the company’s largest business, saw its operating income jump to $40.7 million, from $13.1 million a year ago. Revenue gained 5.8% to $843.3 million.
LTL tonnage per-day fell 5.5%, but revenue per hundredweight rose 12%.
Con-way Truckload’s operating income rose to $7.9 million, from $5.5 million, while revenue improved 12.8% to $158.7 million.
Its Menlo Worldwide Logistics unit’s operating income rose to $12.7 million, turning around a loss of $6.3 million, while revenue rose 12.7% to $417.1 million.
“Con-way Freight’s continued focus on managing costs, rationalizing volumes in the network and maintaining yield growth delivered positive results,” said CEO Douglas Stotlar.
“The emphasis remains on continuous improvement in all areas of the business,” he said in a statement.
Con-way Inc. is ranked No. 3 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
