CNF Inc., a $4.8-billion management company with businesses in regional trucking and trailer manufacturing, among others, has reported fourth-quarter net income from continuing operations of $24.2 million
or 45 cents per diluted share.
Fourth-quarter net income for common shareholders was $22.0 million, or 41 cents per diluted share, including a net loss of $2.3 million (4 cents per diluted share) from discontinued operations.
In the fourth quarter a year ago, CNF reported a net loss for common shareholders of $217.1 million, or $4.45 per diluted share.
Operating income for the fourth quarter of 2002 was $54.0 million compared with an operating loss of $337.0 million in the fourth quarter of 2001, which included $350.5 million of costs related to the closure of the company's airline. Revenue for the fourth quarter of 2002 was $1.28 billion compared with $1.14 billion in the fourth quarter of 2001.
For the full year 2002, CNF reported net income from continuing operations of $106.0 million or $1.96 per diluted share. Full-year net income for common shareholders was $93.6 million or $1.74 per share, including a net loss of $12.4 million (22 cents per share) from discontinued operations. The net loss for common shareholders in 2001 was $402.9 million or $8.26 per share, including a net gain of $39.0 million or 80 cents per share from discontinued operations.
Operating income for the full year 2002 was $181.8 million compared with an operating loss of $660.7 million in the same period a year ago. Revenue for the full year 2002 was $4.8 billion compared with $4.9 billion in 2001.
"CNF's results this year were much improved from 2001," said CNF President and Chief Executive Officer Gregory L. Quesnel. "Con-Way reported a solid year despite the weak economy, Menlo Worldwide Logistics had a strong recovery, the results at Emery Forwarding improved substantially and Vector SCM contributed significantly to earnings this year."