October 17, 2006 5:00 PM, EDT

Con-way's Third-Quarter Revenue, Earnings Decline

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ransportation firm Con-way Inc. reported late Tuesday its third-quarter earnings declined but its earnings-per-share rose.

Con-way earned $63 million in the third quarter, down from about $66 million in 2005, the company said in a statement.

Third quarter earnings per diluted share in 2006 increased 9.7% to $1.24 from $1.13 last year due to accretion from the company's stock repurchase plan, Con-way said in a statement.

Revenue for the third quarter was essentially flat at $1.08 billion.

Operating income at Con-way Freight, the company's regional less-than-truckload carrier, and Con-way Transportation, the firm's truckload, brokerage and trailer-manufacturing division, was largely unchanged in the third quarter, inching up to $95.5 million from $95.3 million in 2005. The quarter also included a $6.2 million gain from the sale of the carrier's Con-way Expedite unit.

Con-way’s Menlo Worldwide logistics unit, which includes Menlo Logistics, saw its operating income fall 46.5% to $6.5 million.

Con-way is ranked No. 6 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies.