Con-way’s 1Q Income Declines
Con-way Inc. said its first-quarter profit declined from a year ago, citing higher expenses and short-term costs.
Net income fell to $14 million, or 25 cents a share, from $25.6 million, or 46 cents a year ago, the company said late Wednesday.
Revenue slipped to $1.34 billion from $1.37 billion a year ago, while operating income declined to $31.6 million from $55.7 million.
Con-way had forecast in March that its first-quarter income would decline due to higher costs.
Operating income at less-than-truckload unit Con-way Freight, the company’s largest business unit, declined to $16 million from $34.5 million a year ago.
LTL revenue fell to $827.5 million from $831 million. This year’s first quarter had one-and-a-half fewer workdays and lower average daily tonnage, the company said.
Con-way Truckload’s operating income declined to $10 million from $10.6 million a year ago, while revenue dipped to $157 million from $157.3 million.
Its Menlo Worldwide Logistics unit’s operating income fell to $6.5 million, from $12.3 million, while revenue declined 6.4% to $392.4 million.
Con-way is ranked No. 3 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
