Con-way Reports Loss in Y-o-Y First Quarter Net Income
Con-way Inc. reported 2013 first-quarter net income of $14 million, or 25 cents per diluted share. The results compare to first-quarter 2012 net income of $25.6 million, or 46 cents per diluted share.
Con-way Inc. reported 2013 first-quarter net income of $14 million, or 25 cents per diluted share. The results compare to first-quarter 2012 net income of $25.6 million, or 46 cents per diluted share.
Operating income in the first quarter was $31.6 million compared to $55.7 million earned in the first quarter a year ago. Revenue for the first quarter was $1.34 billion compared to $1.37 billion a year ago.
Commenting on the quarter's results, Douglas W. Stotlar, Con-way's president and CEO, said, "At Con-way Freight, several cost items, most of which were short-term or infrequent in nature, impacted first quarter operating income," Stotlar noted.
In the first quarter, Menlo Worldwide Logistics posted slightly higher net revenues, but saw operating income decline. "Menlo is predominantly a contract-driven business with a relatively long sales cycle. As such, there can be variability in their financial results," Stotlar stated.
Con-way Truckload's first quarter revenue was essentially flat with 2012, while operating income was down slightly. "Adverse weather and fewer working days affected load count and efficiency," Stotlar said.
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