Menlo air cargo unit posts third-quarter operating loss

Menlo air cargo unit posts third-quarter operating loss    Menlo Worldwide Forwarding, the air cargo unit of CNF Inc., incurred an operating loss of $14.3 million in the third quarter, including a $6.5 million charge for resolving penalties incurred while shipping hazardous materials.
   The result Menlo Worldwide Forwarding compares to a year-earlier operating loss of $5 million.
   The air cargo unit reported revenue of $469 million in the third quarter, an increase of 5 percent from $446.8 million a year ago.
   “Menlo Worldwide Forwarding’s performance in North America continues to be weak compared with its robust international growth,” said Gregory L. Quesnel, president and chief executive officer of CNF.
   Menlo Worldwide Logistics, in the third quarter of 2003, had operating income of $6.9 million compared to $8.4 million a year ago. Revenue for the logistics unit totaled $262.7 million in the third quarter, up 3 percent from $255 million for the comparable period of 2002.
   CNF Inc. reported net income of $24.8 million in the third quarter, compared to $33.5 million a year ago. Operating income was $57.1 million, up 31 percent. Total revenue was $1.3 billion, up 6 percent from $1.2 billion last year.