Con-way Inc. reported solid numbers for the first quarter of 2012. Net income was $25.6 million, or 46 cents per diluted share, compared to a net income of $6.9 million, or 12 cents per diluted share, for 1Q 2011 .
On a non-GAAP basis, earnings per diluted share were 45 cents in the 2012 first quarter compared to 24 cents in last year's first quarter.
Operating income in the 2012 first quarter was $55.7 million, a 51.8% increase from the $36.7 million earned in the first quarter a year ago. Revenue for the 2012 first quarter was $1.37 billion, a 9.7% increase from last year's first-quarter revenue of $1.25 billion.
Con-way Freight, the company's less-than-truckload operation, reported a revenue of $831 million, an 8.2% increase over last year's first-quarter revenue of $767.7 million.
YRC Worldwide still reported losses for the quarter, although they're narrower than last year;s frist quarter.
YRC's consolidated operating revenue for the seasonally slow first quarter of 2012 was $1.194 billion, up 6.4% from 2011's $1.123 billion for the first quarter. Consolidated operating loss was $48.8 million, up from a consolidated operating loss of $68.4 million in the previous year's quarter.
The company reported, on a non-GAAP basis, adjusted EBITDA for the first quarter of 2012 of $15.3 million, up from negative adjusted EBITDA of $1.3 million during the comparable period in 2011. On a year-over-year basis, adjusted EBITDA improved $16.6 million.
YRC Freight and Regional Transportation both delivered year-over-year improvements.
Roadrunner Transportation Systems
Roadrunner reported the best quarter in the company's history for 1Q 2011. The company's revenue increased 38.2%, from 17.1 million in last year's first quarter t0 23.6 this quarter.
The company had earnings per share of 25 cents, ahead of its 22-cent estimate and higher than the 1Q 2012 EPS of 14 cents.
Roadrunner's LTL and Transportation Management Solutions segments beat expectations, but its Truckload segment fell short of our estimates.
LTL revenues increased $18.3 million, or 18.2%, from the prior year. For the company's TMS business, revenue grew $4.2 million, or 25.2%, from the prior year. Truckload revenues grew by $43.5 million, or 79.6%, from the prior year. Acquisitions from 2011 accounted for $39.8 million of that increase, with $3.7 million representing organic growth of 6.7%.