Four fleets reported improved first-quarter earnings, topped by a 69% increase at Con-way Inc. and 47% better results at Saia Inc.
Con-way, No. 4 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers, improved earnings to $21.8 million, or 37 cents per share, paced by better results in the less-than-truckload, truckload and logistics units. LTL carrier Saia’s net improved to $12.6 million, or 49 cents, with help from lower fuel prices.
Roadrunner Transportation Systems Inc. net income increased 31% to $13.6 million, or 35 cents, and Universal Truckload Services Inc. raised net income less than 1% to $8.16 million, or 27 cents.
“Con-way Freight delivered substantially improved results this quarter, reflecting sustained progress with our revenue management system,” CEO Doug Stotlar said in a statement.
That less-than-truckload business doubled profit before interest and taxes and contributed 70% of the company’s earnings on that basis. Logistics profits were about 40% higher, and truckload improved 19%.
Revenue at Con-way inched up to $1.37 billion, including $7.6 million more at Freight, a $10.7 million jump at Menlo Logistics and $17.3 million lower truckload revenue.
Georgia-based Saia, which ranks No. 25, announced that revenue fell 2.2% to $293 million. Lower fuel costs shaved expenses by $12.8 million.
Rates per hundred pounds of freight climbed 4.6% to help boost results, but tonnage slipped 6.6%. Shipments fell 2.8% from the first quarter of last year, when earnings were $8.6 million, or 34 cents.
“Difficult year-over-year shipment and tonnage comparisons were further challenged by winter weather, softness in the oil patch and our continued optimization of pricing programs,” CEO Rick O’Dell said.
He noted that the first quarter was “more sluggish than typical.”
At No. 21 Roadrunner, truckload revenue, driven by acquisitions, accounted for about 60% of the $489 million total that represented a 28% increase.
“Despite the negative impact of weather and the West Coast port congestion that affected many of our truckload units, operating income increased 33%,” CEO Mark DiBlasi said in a statement.
LTL results also improved at Roadrunner, where lower costs led to 30% higher profit of $8.7 million, despite a 2% decline in revenue to $131.6 million.
Universal, based in Warren, Michigan, also had earnings per share of 27 cents in the 2014 period, when net income was $8.12 million.
The company, which ranks No. 28, said revenue fell 5.7% to $263.6 million. Trucking revenue slipped 11% as loads and rates declined. Intermodal revenue rose 9.3%. Logistics revenue increased 1%.
“Load demand contracted unexpectedly, further aggravating a softer rate environment,” CEO Jeff Rogers said as energy and steel markets weakened. “Universal's intermodal business remained a bright spot, in part because West Coast port disputes prompted rerouting of freight to the eastern United States.”
