Con-way First-Quarter Results Up

Con-way Inc. (NYSE:CNW) HAS announced that first-quarter 2015 results were up, with net income of $21.8 million, or 37 cents per diluted share.

In the first quarter of 2014, Con-way reported net income of $12.9 million, or 22 cents per diluted share. Operating income for the first quarter of 2015 was $51.9 million, a 57.1 percent increase from the $33.1 million earned in the same period a year ago.

Revenue of $1.37 billion for the 2015 first quarter increased slightly from last year’s first quarter.

• For the first quarter of 2015, Con-way Freight reported: Revenue of $855.6 million, a 0.9 percent increase from $848.0 million in the first quarter of the prior year. The year-over-year revenue benefit of higher base rates was largely offset by lower fuel surcharges, and to a lesser extent, lower tonnage. Operating income of $37.4 million, more than double the $18.6 million in the previous-year first quarter. The higher operating income was attributable to increased pricing and lower operating expense. Operating income in the quarter improved despite higher driver wages and benefits from the previously-announced driver pay increases.
• For the first quarter of 2015, Menlo Logistics reported: Revenue of $417.1 million, a 2.6 percent increase from $406.4 million in the first quarter of the prior year. The increase was attributable to growth in revenue for both warehouse management and transportation management services. Net revenue of $190.2 million, a 4.2 percent increase from $182.5 million in the first quarter of the prior year. Warehouse management services contributed the majority of the net revenue increase.
• For the first quarter of 2015, Con-way Truckload reported: Revenue of $138.7 million, an 11.1 percent decrease from $156.0 million in last year’s first quarter. The revenue decline was primarily due to lower fuel surcharge revenue. Excluding fuel surcharge, revenue also was adversely affected by lower fleet utilization due to fewer seated tractors, which reduced total loaded miles, partially offset by higher revenue per loaded mile. Operating income of $7.6 million, an 18.5 percent increase from $6.4 million in the first quarter of the prior year. The higher operating income was mostly attributable to lower expenses and improved pricing.

Category: Featured, General Update