Con-way’s First-Quarter Profit Rises
Con-way Inc. said its first-quarter profit jumped from a year ago as its truckload, less-than-truckload and logistics operations all improved.
Net income rose to $25.6 million, or 46 cents a share, from $6.9 million, or 12 cents, a year ago. Revenue increased 9.7% to $1.37 billion.
Operating income jumped 51.8% to $55.7 million, Con-way said in a statement.
LTL unit Con-way Freight, the company’s largest business, reported operating income rose almost 70% to $34.5 million, while revenue gained 8.2% to $831 million.
Con-way Truckload’s operating income rose by almost half, to $10.6 million for the quarter, while revenue rose 8.3% to $157.3 million.
Its Menlo Worldwide Logistics unit’s operating income rose 42% to $12.3 million. Revenue gained 13% to $419.1 million.
Con-way Inc. is ranked No. 3 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
