Con-way Inc.’s first-quarter income fell 29% as the company’s revenue declined, and the transportation firm lowered its 2007 earnings outlook.
Net income fell to $31.9 million or 65 cents a share, from $44.7 million or 81 cents a year ago. Revenue declined 4% to $1 billion.
Income from operations fell to $29 million or 60 cents a share, from $46.2 million or 84 cents a year earlier.
Revenue from the core freight and transportation unit, which includes less-than-truckload Con-way Freight, truckload and brokerage operations, fell 2% to $681.7 million. Tonnage per day also fell by 2%.
The company said it adopted a policy, starting this year, of only providing guidance for the full year. Con-way said its earnings from continuing operations would be $3.60 to $3.90 per share.
Con-way, which changed its name from CNF Inc. last April, is ranked No. 6 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.