Con-way’s First-Quarter Loss Narrows
Its net loss for the quarter was $4.1 million, or 8 cents per share, compared with $154 million, or $3.35, a year ago.
Revenue grew 20.7% to $1.13 billion, the carrier said in a statement late Tuesday.
Less-than-truckload unit Con-way Freight’s operating loss fell to $3.2 million, compared with $23.4 million a year earlier. The income was “were adversely affected by persistently weak LTL industry pricing, but benefited from employee-related cost-saving initiatives,” the company said.
LTL revenue jumped 26.3% to $725 million, while tonnage per day increased 34.8% over the previous first quarter.
Con-way Truckload’s operating income grew to $3 million, from a loss of $132.7 million last year. Excluding a goodwill impairment charge in 2009, income increased 39.3% from $2.1 million.
Truckload unit revenue was $140.6 million, a 4.3% increase from the previous year. The increase was due primarily to higher fuel surcharge revenue, offset partially by a smaller fleet and lower revenue per loaded mile.
Menlo Worldwide Logistics, Con-way’s logistics and supply chain management unit, reported operating income of $12.9 million, a new record, up 158.5% from a year ago. It reflects an increase in net revenue and improved operating margins in warehouse and transportation management services.
Logistics unit revenue grew 12.2% to $355.2 million, while net revenue increased 15.2% to $144.2 million.
Con-way is ranked No. 6 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
