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Two trucking operations reported their second-quarter financials on Wednesday, with one reporting its first profit since purchasing LTL carrier Con-way last year, while the other reported a loss that was attributed to falling rates and freight volume.
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XPO Logistics has eliminated about 190 non-sales positions in its less-than-truckload business, which it acquired when the company bought Con-way Inc. last year.
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XPO Logistics, which closed this week on its purchase of Con-Way Inc., reported more revenue but a bigger loss in its third-quarter earnings report, while the mainly truckload fleet USA Truck showed a smaller profit.
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XPO Logistics announced late Wednesday that it is buying Con-way Inc. in a $3 billion deal that will make XPO the second largest LTL provider in North America and expand its global contract logistics platform.
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Five more trucking companies have reported quarterly earnings – but not all showed gains over a year ago.
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Con-way Inc., announced that Joseph M. Dagnese has been named president of its less-than-truckload subsidiary Con-way Freight.
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Con-way Inc. on Wednesday announced first-quarter 2015 net income surged to $21.8 million, or 37 cents per diluted share, from $12.9 million, or 22 cents per diluted share a year earlier.
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Con-way Freight employees in Gary, Indiana, have voted against joining the International Association of Machinists and Aerospace Workers Union .
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The Teamsters Union on Thursday withdrew its petition for a representation election of truck drivers just hours before it was to happen at Con-Way Freight’s Orlando, Florida terminal.
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Michigan-based trucking and logistics provider Con-way Inc. on Wednesday reported its fourth quarter 2014 profit was more than twice what it was a year earlier.
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