Con-way’s 4Q Loss Narrows
Con-way Inc. said late Thursday it lost $1.9 million, or 4 cents a share, in the fourth quarter, compared with a loss of $43 million, or 94 cents, a year earlier.
Revenue was even at $1.12 billion, the company said in a statement.
Less-than-truckload unit Con-way Freight’s operating income was $2.8 million, compared with an operating loss of $9.4 million in the year-ago period.
Operating income in the year-ago period was lower due to $21.3 million in operational restructuring charges. Revenue improved 6.8% to $683.9 million, and tonnage per day jumped 20.6% form the previous fourth quarter.
Con-way Truckload’s fourth-quarter operating income fell 43.3% to $8.2 million, reflecting lower fuel surcharges and weaker pricing. Revenue fell to $93.6 million from $110.9 million a year earlier.
Menlo Worldwide Logistics, Con-way’s logistics and supply chain management unit, reported operating income of $5.9 million, compared with a loss of $387.6 million a year ago. Revenue fell 9.4% to $338.2 million.
For the full year, Con-way Inc. lost $110.9 million, or $2.33 per share, compared with a profit of $58.6 million, or $1.47, in 2008. Revenue fell to $4.27 billion, from $5.04 billion.
Con-way is ranked No. 6 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
