Transport Topics Online  
The Newspaper of Trucking and Freight Transportation
Welcome  Guest  Log In         
5/1/2014 10:50:00 AM Write a Letter to the Editor Write a letter to the Editor

Con-way’s 1Q Profit Falls on Weather, Tax Costs


Con-way Inc.

Con-way Inc. reported its first-quarter net income slipped as higher tax expense and winter-weather challenges reduced its earnings.

Net income fell 7.9% to $12.9 million, or 22 cents per share, from $14 million, or 25 cents. Revenue rose 2% to $1.37 billion, Ann Arbor, Michigan-based Con-way reported.

Storms and cold weather reduced profits before interest and taxes by an estimated $20 million. Income taxes more than doubled to $6.3 million.

Less-than-truckload revenue at Con-way Freight, its largest business unit, rose 2.5% to $848 million, helped by higher rates. Operating income, excluding interest and taxes, rose 16% to $18.6 million.

On the same basis, profitability at its Menlo Worldwide Logistics unit slipped to $6.2 million from $6.5 million. Revenue rose 3.6% to $406.4 million.

Con-way Truckload revenue dropped less than 1% to $156 million, and profitability in that unit declined to $6.4 million from $10 million.

Con-way ranks No. 3 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.

By Transport Topics

Follow Transport Topics on Subscribe to get up to the minute news briefs and more from our feeds. RSS Twitter Twitter Facebook Facebook

© 2014, Transport Topics Publishing Group. All rights reserved.


  RELATED ARTICLES

 
LATEST NEWS



 
LATEST JOBS
Follow Us

Newsletters

TTExpress
This free daily newsletter delivers the latest headlines.

TT Executive Suite
This subscriber-only newsletter program tailors your news.

Services

Advertising

EMU
iTech
© American Trucking Associations, Inc., All Rights Reserved TTNews.com Privacy Statement