Con-way reports lower earnings

Con-way reports lower earnings
Con-way Inc. said it had third quarter profit of applicable to common shareholders of $13.5 million compared to $38.8 million in the same period last year.
Revenue was $1.13 billion in the quarter ending Sept. 30, compared to $1.37 billion in the same 2008 period.
The company said Con-way Freight had operating profit of $22.8 million in the quarter, 63 percent less than in the same 2008 period, But it said the unit continued to post sequential quarter-to-quarter 2009 tonnage growth. It said profit was constrained due to pricing levels, higher variable operating costs associated with the tonnage growth and lower fuel surcharge revenues.
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Stotlar |
“While pricing is likely to remain under pressure, we believe the increased network volumes put us in a better position competitively,” the company said.
The company said its Menlo Worldwide Logistics unit had operating profit of $9.5 million, 159 percent more than the third quarter of 2008.
“Menlo continues to enjoy a strong sales pipeline and an excellent win rate on new projects, which has helped offset business declines from existing clients,” said Douglas W. Stotlar, Con-way president and chief executive officer.
Con-way Truckload had third quarter operating profit of $10.6 million, 30 percent less than in the same quarter the prior year.