Con-way’s 3Q Profit Declines
Con-way Inc. said late Tuesday its third-quarter net income fell to $39 million or 78 cents a share, from $64.8 million or $1.24 per share a year ago.
Revenue rose 3.2% to $1.11 billion from $1.08 billion a year ago, the company said in a statement.
Operating income at its less-than-truckload unit Con-way Freight fell 36%to $60 million, while revenue rose 1.3% to $740.8 million. Tonnage per day at the LTL unit rose 5.1% year-over year.
Truckload operating income rose to $3 million from $1.4 million a year ago, though the results included a $4.7 million loss by Con-way Truckload. Of that loss, $1.5 million was due to closure of its Memphis, Tenn., office.
Con-way’s Menlo Logistics unit’s operating income rose 13.3% to $6.2 million.
The company said its full-year earnings from continuing operations would be $3.07 to $3.17 per share, down from previous guidance of $3.25 to $3.45 per share.
Con-way is ranked No. 6 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
