CNF Inc., the California company with businesses in trucking, logistics and trailer manufacturing, reported fourth-quarter net income for common shareholders of $26.8 million or 49 cents per diluted share.
This represents an increase of 22% in net income from the fourth quarter of 2002 when CNF reported net income for common shareholders of $22.0 million, or 41 cents per diluted share.
Operating income for the fourth quarter of 2003 was $56 million, including a $7.8 million Menlo Worldwide Forwarding restructuring charge, compared with $54 million in the fourth quarter of 2002, which included a $5.7 million net gain from settlement of the company's former Express Mail contract. Revenue for the fourth quarter of 2003 was $1.35 billion compared with $1.28 billion in the prior year period.
For the full year 2003, CNF reported net income for common shareholders of $83.8 million, or $1.57 per diluted share, including 12 cents per share of net charges from special items. This compares with net income for common shareholders for the full year 2002 of $93.6 million, $1.74 per diluted share, which included a net loss of 22 cents per diluted share from discontinued operations.
Operating income for the full year 2003 was $191.4 million, up 5%, and included $7.1 million in net charges from special items. This compares with $181.8 million in operating income for the full year 2002, which included $24.9 million in net gains from special items. Revenue for the full year 2003 was $5.1 billion, up 7% t from $4.8 billion in 2002.
"CNF's results in the fourth quarter were improved from 2002, driven by a recovering economy and continued tight cost controls," said CNF President and Chief Executive Officer Gregory L. Quesnel. "Con-Way reported a strong quarter. Menlo Worldwide Forwarding continued its rapid international growth. While its domestic unit still reported significant and unacceptable losses for the quarter and the year, our restructuring actions to streamline operations will continue to reduce costs and should over time bring Forwarding's North American infrastructure into line with its revenue levels. These actions will continue in 2004."
This represents an increase of 22% in net income from the fourth quarter of 2002 when CNF reported net income for common shareholders of $22.0 million, or 41 cents per diluted share.
Operating income for the fourth quarter of 2003 was $56 million, including a $7.8 million Menlo Worldwide Forwarding restructuring charge, compared with $54 million in the fourth quarter of 2002, which included a $5.7 million net gain from settlement of the company's former Express Mail contract. Revenue for the fourth quarter of 2003 was $1.35 billion compared with $1.28 billion in the prior year period.
For the full year 2003, CNF reported net income for common shareholders of $83.8 million, or $1.57 per diluted share, including 12 cents per share of net charges from special items. This compares with net income for common shareholders for the full year 2002 of $93.6 million, $1.74 per diluted share, which included a net loss of 22 cents per diluted share from discontinued operations.
Operating income for the full year 2003 was $191.4 million, up 5%, and included $7.1 million in net charges from special items. This compares with $181.8 million in operating income for the full year 2002, which included $24.9 million in net gains from special items. Revenue for the full year 2003 was $5.1 billion, up 7% t from $4.8 billion in 2002.
"CNF's results in the fourth quarter were improved from 2002, driven by a recovering economy and continued tight cost controls," said CNF President and Chief Executive Officer Gregory L. Quesnel. "Con-Way reported a strong quarter. Menlo Worldwide Forwarding continued its rapid international growth. While its domestic unit still reported significant and unacceptable losses for the quarter and the year, our restructuring actions to streamline operations will continue to reduce costs and should over time bring Forwarding's North American infrastructure into line with its revenue levels. These actions will continue in 2004."
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