Con-way Inc. reported a profit of $23 million in the fourth quarter ending Dec. 31, 2011, compared to $2.4 million in the fourth quarter of 2010.
Results for the 2011 fourth quarter included a $10 million gain from a settlement of a purchase-price dispute related to the 2007 acquisition of Chic Logistics, while the 2010 fourth quarter included restructuring and other employee separation costs of $1.1 million.
Revenue was $1.3 billion in the fourth quarter, compared to $1.2 billion in the same 2010 period.
For the full-year, Con-way reported a profit of $88.4 million in 2011, compared to $4 million in 2010. Revenue was $5.3 billion in 2011, compared to $5 billion the year prior.
The company said its less-than-truckload, truckload and logistics businesses all had higher revenues and operating revenue.
“The fourth quarter’s results capped a year of improvement driven by consistent operating discipline in all of Con-way’s core businesses,” said Douglas W. Stotlar, Con-way’s president and chief executive officer.
Con-way rides higher profit
