Earnings Rise at CNF
April 21, 2000
CNF Inc., Palo Alto, CA, has reported first quarter operating income of $73.4 million, compared with $66.1 million in the same quarter a year ago. Revenue was $1.46 billion, up 17 percent.
Con-Way Transportation Services reported record first quarter operating income of $58.1 million, an increase of 8 percent from the same quarter a year ago. Its revenue of $510.5 million was a record for any quarter, and up 18 percent from first-quarter 1999.
"Con-Way had another excellent quarter of profits due to the strength of the economy and stable prices, which resulted in improved yield," said Gregory L. Quesnel, CNF president and chief executive officer. "Con-Way continues to incur start-up costs for Con-Way Integrated Services, which is developing its customer base and expanding the scope of its operations. We're pleased to announce that we expect Con-Way to surpass $2 billion in revenue this year for the first time in its history."
Emery Worldwide reported first quarter operating income of $7.4 million, more than double the $3.6 million it earned in the same quarter a year ago. Revenue totaled $601.2 million, up 14 percent.
CNF's other operations had operating income of $311,000 in the first quarter of 2000. This segment includes income from the operations of the Priority Mail contract and Road Systems, a trailer manufacturing company. The Priority Mail contract recorded break-even results in the
first quarter on revenue of $135.2 million, which was up 14 percent from the same quarter a year ago.