Con-way Says It Lost $154 Million in First Quarter

Con-way Inc. said it lost $154 million, or $3.35 per share, in the first quarter, compared with earning $22.5 million, or 47 cents, a year ago.

Revenue fell 19.9% to $962.9 million, Con-way said in a statement late Thursday.

The company also took a goodwill impairment charge of $134.8 million, or $2.93 per share, in the quarter, and said without that its first-quarter loss was $19.2 million, or 42 cents a share.

The results were affected by the ongoing recession, which led to lower tonnage and an operating loss at Con-way Freight, the company’s less-than truckload unit and largest subsidiary.

Con-way Freight had an operating loss of $23.4 million, compared to operating income of $36.1 million a year ago, as its revenue fell 24.7% to $559.7 million.

Con-way Truckload reported an operating loss of $132.7 million, including an impairment charge of $134.8 million. Excluding the charge, its operating income was $2.1 million, compared with $10.3 million a year ago. Revenue fell 25.8% to $86 million.

Menlo Worldwide Logistics, Con-way’s logistics and supply chain management unit, reported operating income of $5 million, down from $6.3 million a year ago. Revenue fell 7.3% to $316.5 million.

Con-way is ranked No. 6 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.