Heavy Duty Trucking Logo
MenuMENU
SearchSEARCH

CNF Inc. Reports First-Quarter Results

CNF Inc. has reported first-quarter net income of $15.9 million, or 30 cents per diluted share. This compares with net income for common shareholders of $18.3 million, or 35 cents per diluted share, in the first quarter of 2002.

by Staff
April 22, 2003
2 min to read


CNF Inc. has reported first-quarter net income of $15.9 million, or 30 cents per diluted share. This compares with net income for common shareholders of $18.3 million, or 35 cents per diluted share, in the first quarter of 2002.

Excluding special items in both periods, net income for common shareholders was $11.5 million, or 22 cents per diluted share, in first-quarter 2003 compared with $4.4 million, or 9 cents per diluted share, in first-quarter 2002.
The first quarter of 2003 included a $4.4 million after-tax net gain (8 cents per share) from a payment under the Air Transportation Safety and System Stabilization Act. The first quarter of 2002 included a $6 million after-tax net gain (11 cents per share) under the Act, plus $6.7 million of after-tax gains (12 cents per share) on the sale of excess properties and a $1.1 million after-tax net gain (2 cents per share) from the early termination of a contract.
First-quarter 2003 operating income was $41 million compared with $40.4 million in the same quarter a year ago. Revenue for the first quarter of 2003 was $1.21 billion compared with $1.07 billion in first-quarter 2002. The effective tax rate was 39% in both periods. Cash and cash equivalents were $238 million at the end of the quarter.
"Excluding special items, all of CNF's operations improved their results from a year ago despite a weak economy, which was overshadowed by the war in Iraq," said CNF President and Chief Executive Officer Greg Quesnel. "Con-Way had a very good quarter with strong results relative to the macro economic environment as it increased profits on essentially flat tonnage. This growth is due to an effective sales strategy and quality service that enables Con-Way to increase yields. Menlo Worldwide recorded its fourth quarter of year-over-year improvement in its results, which were fueled by strong international growth in all of its companies."
CNF is a $4.8-billion management company of global supply chain services with businesses in regional trucking, air freight, ocean freight, customs brokerage, global logistics management and trailer manufacturing.


More Drivers

Thumbnail for podcast episode
Safety & ComplianceMay 28, 2026

Short Takes: Inside K&B’s Truck Safety Tech

Listen to learn how K&B Transportation uses cellphone-blocking technology, speed management systems, weather geofencing, bridge avoidance tools, and more to improve driver safety.

Read More →
Nussbaum driver pay.
Driversby News/Media ReleaseMay 27, 2026

Nussbaum Expands Driver Compensation with Pay Raises, Profit Sharing

Nussbaum Transportation said its latest compensation package could push first-year driver earnings above $90,000 in key hiring markets.

Read More →
Lance Evans, Director of Safety at K&B Transportation.
Safety & ComplianceMay 13, 2026

Listen: Inside Modern Fleet Safety: AI, Cameras & Speed Control at K&B Transportation

Fleet safety is evolving fast—and technology is at the center of it. Learn how a former commercial vehicle enforcement officer turned director of safety at K&B Transportation is embracing real-world safety technology.

Read More →
Ad Loading...
Maverick Transportation Freightliner Cascadia.
Driversby News/Media ReleaseMay 12, 2026

Maverick Announces 2026 Driver Pay Raises

New raises for Maverick Transportation drivers will take effect on May 31, 2026.

Read More →
Alleged Ohio toll evasion truck.
Driversby News/Media ReleaseMay 5, 2026

Illinois Trucker Indicted for Nearly $22,000 in Ohio Turnpike Toll Evasion

Authorities say an Illinois trucker avoided paying tolls for two years, and now faces felony charges, possible prison time, and forfeiture of his Freightliner tractor.

Read More →
Illustration with trojan horse and lock with inside of cargo container in background
Fleet Managementby News/Media ReleaseApril 23, 2026

New Trojan Driver Cargo Theft Scam Bypasses Carrier Vetting Systems

Cargo theft rings plant operatives as drivers inside legitimate, fully vetted carriers, then execute coordinated thefts that look like a traditional straight theft from the outside.

Read More →
Ad Loading...
Female truck driver.
Driversby News/Media ReleaseApril 21, 2026

WIM, Trucker Path Name Top 3 Women-Friendly Truck Stops

ATA’s Women In Motion Council and Trucker Path highlight three truck stops that meet all seven safety-focused criteria and rank highest among female drivers.

Read More →
Illustration of driver medical exam paperwork over duotone background of a blood pressure check

FMCSA Extends Paper Medical Card Exemption … Again

Five states still aren't ready to accept commercial driver medical exam information directly from the medical examiner's registry.

Read More →
Mack Pioneer tractor.
Driversby Jack RobertsApril 10, 2026

Mack Launches Digital Driver Guide for Chassis-Specific Truck Info

Mack’s new, virtual owner’s manual delivers VIN-based, on-demand guidance for vehicle systems via web, app, and soon in-cab displays.

Read More →
Ad Loading...
Close-up of Western Star truck logo with red star emblem on chrome grille, representing the brand’s identity in the trucking industry.
Driversby News/Media ReleaseApril 6, 2026

Western Star Showcases Truckers' Pride and Skill

Western Star is expanding its Star Nation Experience in 2026, adding new competitions and dealer participation to highlight operator skills and promote careers in trucking.

Read More →