Con-way’s 2Q Profit Jumps, Led by LTL Freight Unit
Con-way Inc.’s second-quarter profit rose, led by a big gain at its less-than-truckload unit, the company reported.
Net income rose to $41.8 million, or 74 cents a share, from $29.4 million, or 52 cents, a year ago, Con-way said late Tuesday..
Revenue rose 7.2% to $1.45 billion and the company’s operating income jumped 33% to $80.1 million.
LTL unit Con-way Freight, the company’s largest business unit, reported operating income of $53.4 million, a 36.5% jump from $39.2 million a year ago.
Revenue at the division rose 4.6% to $878.5 million. Con-way said in June it was boosting its LTL rates 6.9%.
Con-way Truckload’s operating income rose 41.6% to $14.6 million, while revenue rose 4.8% to $162.9 million.
Its Menlo Worldwide Logistics unit’s operating income rose 4.9% to $12.7 million, while revenue rose 13.7% to $448 million.
Con-way is ranked No. 3 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
