Con-way Reports Net Income is Up
Con-way Inc. reported 2013 second-quarter net income of $42.9 million, or 75 cents per diluted share. The results compare to second-quarter 2012 net income of $41.8 million, or 74 cents per diluted share.
Con-way Inc. reported 2013 second-quarter net income of $42.9 million, or 75 cents per diluted share. The results compare to second-quarter 2012 net income of $41.8 million, or 74 cents per diluted share.
Operating income in the second quarter was $76.3 million compared to $80.1 million earned in the second quarter a year ago. Revenue for the second quarter was $1.38 billion compared to $1.45 billion a year ago.
The company's performance benefited from better results at Con-way Freight, which continued to make progress with its strategic improvement initiatives, while Menlo Worldwide Logistics and Con-way Truckload had cost headwinds which reduced profit levels at both units compared to last year.
Menlo Worldwide Logistics, the company's global logistics and supply chain management operation, reported lower revenues while net revenues were flat and operating income declined.
Con-way Truckload, the company's full-truckload transportation operation, reported a decline in operating income on flat revenues for the quarter.
Con-way's second-quarter effective tax rate was 31.7%, compared to 35.4% for the same period in 2012. Both years included discrete tax adjustments that benefited the effective tax rate (presented in the attached reconciliation). The second-quarter discrete tax adjustments consisted primarily of the reversal of liabilities for uncertain tax positions.
Segment results in the second quarter for Con-way's principal operations were as follows:
Freight
For the second quarter of 2013, Con-way Freight reported:
-- Revenue of $892.3 million, a 1.6% increase from last year's second quarter revenue of $878.5 million. Revenue in the quarter benefited from improved yield partially offset by lower average daily tonnage.
-- Operating income of $54.7 million, a 2.4% increase from the $53.4 million earned in the year-ago period. Last year's second quarter results included a $3.9 million gain from the sale of excess properties.
-- Revenue per hundredweight, or yield, increased 2.7% from the previous-year second quarter. Excluding fuel surcharge, yield rose 3.3%.
-- Tonnage per day declined 1.4% compared to the 2012 second quarter.
-- Operating ratio of 93.9 in the 2013 second quarter was unchanged from the previous-year period. Excluding the gain from the sale of excess properties, the operating ratio in the 2012 second quarter was 94.4.
Truckload
For the second quarter of 2013, Con-way Truckload reported:
-- Revenue of $161.8 million, compared to last year's second-quarter
revenue of $162.9 million. Results were affected by lower fuel-surcharge revenues and a 1% decline in loaded miles, partially offset by a 1.6% increase in revenue per loaded mile.
-- Operating income of $10.9 million, which was affected by higher expense for vehicular claims, depreciation and amortization, and the impact of engine emissions-systems maintenance. Operating income in the prior-year period was $14.6 million.
-- Empty miles of 9.4%, compared to 9.2% in the previous-year second quarter.
-- Operating ratio exclusive of fuel surcharges of 91.4, compared to 88.3 in the second quarter of 2012.
More Fleet Management

Kodiak Lines Up Fleets for Driverless Trucking
An agreement for 75 trucks, a new Texas freight lane, and progress on safety validation move Kodiak closer to its planned driverless highway launch.
Read More →
ITS Logistics Settles Religious Harassment Case
The Nevada-based logistics firm agreed to pay more than $396,000 to settle a religious harassment charge involving an employee's Jewish identity.
Read More →
Your Trucks Are Busy. That Doesn’t Mean They’re Winning.
High utilization doesn’t always mean strong margins. Looking beyond the current load can help fleets make better dispatch decisions and get more value from each truck’s time.
Read More →
Why This Trucking Recovery Is Different
Freight demand remains sluggish, but rising costs and tougher enforcement have taken enough capacity out of the market to change the outlook for motor carriers.
Read More →
Platform Science Adds Dispatch and Safety Tools
Four additions to PS Fleet help fleets monitor loads, manage driver coaching, share truck locations and adjust video system settings.
Read More →
PrePass Intelligence Mines Fleet Bypass, Toll and Safety Data
PrePass Intelligence helps fleets measure bypass savings, flag potential toll overcharges, and spot suspicious transactions by combining data from separate systems.
Read More →
Motive Adds AI Agents for Fleet Operations
New tools automate follow-up on fleet data, from maintenance work orders to driver alerts, with two-way voice conversations planned for later this year.
Read More →Can You Beat Our Trucking Trivia Challenge?
Test your truck knowledge with 19 trivia questions from Heavy Duty Trucking Exchange. Can you keep up with the fleet pros?
Read More →
BeyondTrucks Adds Rules Checks to Dispatch
New Compatibility Engine checks driver qualifications, equipment requirements and fleet policies before loads are dispatched.
Read More →
Diesel Prices Hijack Trucking’s Worry List
ATRI’s annual survey finds cautious optimism about freight, but diesel costs, litigation, and insurance continue to squeeze fleets. Drivers have different priorities on several issues.
Read More →
