Con-way Q2 profit more than doubles
Con-way Inc. reported second quarter net profit of $29.4 million, more than double the $13.9 million earned in the same 2010 period.
Revenue in the quarter ending June 30 was $1.35 billion, a 3.2 percent increase from last year's second quarter revenue of $1.31 billion.
At Con-way Freight, the company's less-than-truckload operation “margin expansion continued, driven primarily by pricing improvements and ongoing operating efficiencies,” said Con-way President Douglas W. Stotlar. Operating income in the LTL operation was $39.2 million compared to $17.2 million in the second quarter of 2010.
Con-way Truckload, the company's full-truckload transportation operation, also had a big increase in operating income: $10.3 million in the second quarter compared to $5.1 million in last year's second quarter. 'Strong operating discipline and improved pricing led to a good quarter for our full truckload company,' Stotlar said.
Menlo Worldwide Logistics, which operates the company's global logistics and supply chain management services, “is on track for a good year and continues to execute well. We were encouraged by new business growth, as well as strength in both our international markets and in Menlo's North America sales pipeline,' he said. Operating income was off, $12.1 million in the second quarter compared to $13 million in second quarter of 2010.