Con-way’s 2Q Profit Falls
Con-way Inc. said its second-quarter income fell to $33 million, or 64 cents per share, compared with $50.4 million, or $1.02, a year ago.
Revenue fell 21.2% to $1.1 billion, Con-way said in a statement late Thursday.
The results mark a return to profitability for the carrier, who saw a $154 million loss, or $3.35 per share, in the first quarter.
Con-way Freight, the company’s less-than-truckload unit, saw sequential volume increase each month of the quarter, Con-way said.
Con-way Freight had an operating income of $49 million, a decrease of 36.7% from a year ago. Its revenue fell to $638 million, down 22.6% from last year's revenue.
Con-way Truckload reported an income of $6.9 million, 44.7% down from the previous year. Within the income was a $2.5 million loss from the sale of 195 tractors in a fleet capacity adjustment. Revenue was $89.8 million, down 34.6% from a year ago.
Menlo Worldwide Logistics, Con-way’s logistics and supply chain management unit, reported operating income of $7.8 million, down 57.4% from a year ago. Revenue fell 13.3% to $327 million.
Con-way is ranked No. 6 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
