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Con-way Swings to 3Q Profit

11/4/2011 8:00:00 AM
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Con-way Inc.

Con-way Inc. late Thursday reported a third-quarter profit compared with a loss a year ago, as its truckload, less-than-truckload and logistics operations all improved.

Net income $29.1 million, or 52 cents a share, turning around a loss of $8.2 million, or 15 cents, a year ago.

Revenue rose 8.4% to $1.27 billion, Con-way said in a statement. Operating income jumped to $61.1 million, from $12.5 million a year ago.

LTL unit Con-way Freight, the company’s largest business, saw its operating income jump to $40.7 million, from $13.1 million a year ago. Revenue gained 5.8% to $843.3 million.

LTL tonnage per-day fell 5.5%, but revenue per hundredweight rose 12%.

Con-way Truckload’s operating income rose to $7.9 million, from $5.5 million, while revenue improved 12.8% to $158.7 million.

Its Menlo Worldwide Logistics unit’s operating income rose to $12.7 million, turning around a loss of $6.3 million, while revenue rose 12.7% to $417.1 million.

“Con-way Freight’s continued focus on managing costs, rationalizing volumes in the network and maintaining yield growth delivered positive results,� said CEO Douglas Stotlar.

“The emphasis remains on continuous improvement in all areas of the business,� he said in a statement.

Con-way Inc. is ranked No. 3 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.

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Emil Estafanous, CPA, CFF, CGMA