Con-Way’s income down in 3rd quarter
Freight transportation and logistics company Con-Way Inc. posted third quarter net income of $63 million, down from $66 million a year ago.
Operating income in the third quarter dropped 1.4 percent to $102.3 million from $103.8 million in the same period 2005. Revenue was flat at $1.08 billion.
Con-way’s President and Chief Executive Officer Douglas W. Stotlar said that less-than-truckload volumes were restrained largely due to yield initiatives, and that the company did not see traditional seasonal surge in tonnage growth.
“We pushed the lever on yield at a time when the market began to slow, and we paid for that in lower tonnage,” Stotlar said. “Managing volume and yield is a shifting dynamic that we work to balance constantly. The key is to find the value point that is compelling for the customer and compensatory for our service.”