Con-way Reports Lower 3Q Profit

Con-way Inc. said late Wednesday its third-quarter profit declined from a year ago, due to higher healthcare expenses at its less-than-truckload unit.

Net income fell to $25.3 million, or 45 cents a share, from $29.1 million, or 52 cents, a year ago.

Revenue rose 2% to $1.4 billion, and operating income fell 9.7% to $55.2 million, Con-way said.

LTL unit Con-way Freight, the company’s largest business unit, reported operating income of $34.4 million, down 15.4% from $40.7 million a year ago. Revenue rose 1.8% to $858.3 million.

Con-way Truckload’s operating income rose 43.3% to $11.3 million, while revenue rose 0.9% to $160.1 million.

Its Menlo Worldwide Logistics unit’s operating income fell 13.3% to $11 million, while revenue improved 2.6% to $427 million.

Con-way is ranked No. 3 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.