July 19, 2006 10:20 AM, EDT

Con-way Reports Higher Second-Quarter Income, Revenue

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ransportation firm Con-way Inc. reported second-quarter net income of $74.1 million or $1.40 a share, up from $66.8 million or $1.20 a year earlier.

Revenue rose to $1.1 billion from $1.02 billion last year, the company said in a statement late Tuesday.

Operating income at Con-way Freight, which operates a number of less-than-truckload carriers, and Con-way Transportation, its truckload, expedited, forwarding and brokering division, rose 6.5% to a record $102.3 million.

Con-way’s Menlo Worldwide logistics unit, which includes Menlo Logistics, saw its operating income increase 21.7% to $12.9 million.

During the quarter, the company closed its domestic air forwarding unit (Click here for previous coverage) and agreed to sell its stake in its former logistics unit Vector SCM to General Motors (Click here for previous coverage).

on-way, which changed its name from CNF Inc. early this year, is ranked No. 6 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies.