Con-way’s 2Q Income Falls

Con-way Inc.’s second-quarter net income fell to $46.4 million or 96 cents a share, from $68.9 million or $1.30 a year ago.

Revenue dipped to $1.07 billion from $1.1 billion a year ago, the company said late Wednesday.

Operating income at its less-than-truckload unit Con-way Freight and Con-way Transportation, which runs truckload operations, fell 31.2% to $70.3 million. Tonnage per day at the LTL unit rose 4.4% year-over year.

Its Menlo Logistics unit’s operating income rose 13.8% to $6.9 million.

The company reiterated its lowered earnings forecast for 2007 of income from continuing operations of between $3.25 and $3.45 per share, from a previous $3.60 and $3.90 per share. Con-way only gives full-year guidance.

The company said earlier this week it would buy truckload carrier Contract Freighters for $750 million.

Con-way is ranked No. 6 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.