Con-way Inc. Lowers 1Q Expectations
Con-way Inc. said it expects lower first-quarter income for its less-than-truckload unit, Con-way Freight, on reduced weight per day.
The company said weight per day is expected to be down 1.5% compared with the first quarter last year, but revenue for the quarter, excluding fuel surcharges, is expected to increase 3.5%.
The company also said it expects costs associated with adverse weather, field training expenses and transition costs to new technology to affect first-quarter income by about $14 million.
“Despite the near-term cost headwinds at Con-way Freight, confidence in our key initiatives and the ability to expand margins – particularly in the second half of 2013 – is being reinforced each day,” Douglas Stotlar, Con-way Inc. CEO, said in a statement.
First-quarter results will be released on May 1, the company said.
Con-way Truckload is a subsidiary of Con-way Inc., which ranks No. 3 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
