CNF Inc., Palo Alto, Calif., reported second-quarter net income for common shareholders of $35.5 million, more than double the $16.3 million reported in the second quarter of 2003.

Second-quarter operating income was $73.4 million, up 97% from $37.3 million for the 2003 second quarter. Revenue for the second quarter of 2004 was $1.44 billion, an increase of 17% from $1.24 billion in second-quarter 2003.
For the first six months of 2004, net income for common shareholders was $59.9 million, a gain of 86% from $32.2 million in the first six months of 2003. The first quarter of 2003 included an after-tax net gain of $4.4 million from a payment under the Air Transportation Safety and System Stabilization Act.
Operating income for the first six months of 2004 was $126.1 million, up 61% from $78.4 million in the same period a year ago, which included the Stabilization Act payment. Revenue for the first six months of 2004 was $2.79 billion, an increase of 14% from $2.44 billion in the first half of 2003.
"The second quarter of 2004 was an outstanding quarter for CNF, driven by one of Con-Way's strongest quarters ever, as the company benefited from the strength of the U.S. economy and the continued consolidation of the LTL industry," said Keith Kennedy, CNF chairman and interim chief executive officer.
"Menlo Worldwide Forwarding made a substantial improvement in its results, reducing its operating loss to $2.4 million, a reduction of $11.5 million when compared to last year's second quarter. This improvement came from higher business levels worldwide and continued cost reductions."