CNF posts 59% rise in 4th-quarter net income
Transportation holding company CNF Inc., parent company of Menlo Worldwide and Con-Way Transportation among others, Tuesday reported net income to common shareholders of $51.2 million, up 59 percent over $32.2 million posted in the same period in 2004.
Palo Alto, Calif.-based CNF said its operating income in the last quarter was $90.9 million, up 15 percent from $79 million in the year-earlier period. Fourth quarter revenue was $1.09 billion, an increase of 13 percent compared to $967.5 million.
Con-Way Transportation Services, the regional carrier group, reported operating income of $77.8 million, up 22 percent, for the fourth quarter. Revenue rose 12 percent to $721 million, while regional carriage tonnage per day was up 7.9 percent and regional carrier yield improved 4.2 percent. The group’s operating ratio improved to 88.1 from 89.9 in the year-earlier quarter.
Menlo Worldwide, incorporating Menlo Logistics and Vector SCM, reported a total segment operating income of $15.2 million, down 10 percent from $16.8 million in the fourth quarter of 2004. Revenues rose 15 percent to $365.9 million.
CNF’s “other” operations, which include the results of Road Systems and corporate activities, reported an operating loss of $270,000 in the fourth quarter of 2005 compared with a $1.6 million loss in fourth-quarter 2004.
For the full year 2005, CNF reported a net income to common shareholders of $215.3 million compared to a net deficit of $124.1 million in 2004. The 2004 net loss to common shareholders included a loss of $266.3 million primarily from the disposition of Menlo Worldwide Forwarding, which was sold to UPS in December 2004.
CNF’s annual operating income rose 31 percent to $370.7 million from $284.2 million in 2004. Revenue improved 12 percent to $4.17 billion from $3.71 billion.
CNF’s shares on the New York Stock Exchange improved 2.61 percent to $55.92 at close Tuesday.