Con-way Fourth Quarter Income Flat
February 06, 2014
Trucking and logistics provider Con-way has reported 2013 fourth-quarter net income of $11.7 million or 20 cents per share, compared to a year ago performance of $11.8 million or 21 cents per share.
Revenue for the fourth quarter was $1.36 billion, unchanged from last year’s fourth quarter.
“Con-way Freight and Menlo Worldwide Logistics dealt with a number of issues in the fourth quarter, which negatively affected the period’s operating results and were mostly specific to the quarter,” said Douglas W. Stotlar, Con-way’s president and CEO of the Michigan-based operation.
For the full-year Con-way reported net income of $99.2 million or $1.73 per share, compared to $104.5 million or $1.85 per share in 2012.
For the fourth quarter of 2013, Con-way Freight, the company’s less-than-truckload operation, reported revenue of $847 million, a 2.7% increase over last year’s fourth-quarter revenue of $824.7 million. The revenue growth was primarily attributable to higher tonnage levels and improved yield, according to the company
Operating income was $23.8 million, a 10.5% increase over the $21.5 million earned in the year-ago period.
Menlo Worldwide Logistics, the company’s global logistics and supply chain management operation, reported fourth quarter revenue of $397.1 million, down 7.9% from the prior-year fourth-quarter revenue of $431.2 million. Lower revenue primarily reflected a decline in transportation-management services partially offset by an increase in warehouse-management services, the company said.
Operating income was $2.7 million, compared to last year’s fourth-quarter operating income of $8.6 million.
For the fourth quarter of 2013, Con-way Truckload reported revenue of $155.8 million, compared to last year’s fourth-quarter revenue of $155.2 million. Higher revenue included the effects of a 1.2 percent increase in loaded miles and a 0.8 percent increase in revenue per loaded mile, excluding fuel surcharge. These increases were partially offset by lower fuel-surcharge revenue, according to the company
Operating income was $8.9 million, an increase over the $8.5 million earned in the previous-year period.
More information is on the Con-way website.