CNF Inc., Palo Alto, Calif., reported first-quarter net income of $24.4 million -- up 53% percent from the first quarter of 2003.
Net income for common shareholders in the first quarter of 2003 was $15.9 million and included a $4.4 million after-tax net gain from a payment under the Air Transportation Safety and System Stabilization Act.
Operating income for the first quarter of 2004 was $52.7 million, up 28% from $41.0 million in the same quarter a year ago, which included the payment noted above. Revenue for the first quarter of 2004 was $1.35 billion, an increase of 12% from $1.21 billion in first-quarter 2003.
"With the operating leverage and strong productivity of our operating units, the improving U.S. economy is evident in our bottom line," said CNF President and Chief Executive Officer Gregory L. Quesnel.
"Con-Way's operating income rose 37% from the first quarter of 2003 on revenue growth of 14%. Menlo Worldwide's forwarding and logistics units also produced improved operating results. We're pleased that the forwarding unit continued its double-digit international revenue growth and that North American air freight revenue increased slightly for the first time in more than three years."
Net income for common shareholders in the first quarter of 2003 was $15.9 million and included a $4.4 million after-tax net gain from a payment under the Air Transportation Safety and System Stabilization Act.
Operating income for the first quarter of 2004 was $52.7 million, up 28% from $41.0 million in the same quarter a year ago, which included the payment noted above. Revenue for the first quarter of 2004 was $1.35 billion, an increase of 12% from $1.21 billion in first-quarter 2003.
"With the operating leverage and strong productivity of our operating units, the improving U.S. economy is evident in our bottom line," said CNF President and Chief Executive Officer Gregory L. Quesnel.
"Con-Way's operating income rose 37% from the first quarter of 2003 on revenue growth of 14%. Menlo Worldwide's forwarding and logistics units also produced improved operating results. We're pleased that the forwarding unit continued its double-digit international revenue growth and that North American air freight revenue increased slightly for the first time in more than three years."
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