Con-way Inc. Reports 2014 Fourth-Quarter and Full-Year Results Up

Con-way Inc. (NYSE:CNW) has reported strong 2014 fourth quarter and full year results.

Net income for the fourth quarter was $24.9 million, or 43 cents per diluted share. The results compare to fourth quarter 2013 net income of $11.7 million, or 20 cents per diluted share.

Operating income in the fourth quarter was $41.3 million, a 23.8 percent increase from the $33.4 million earned in the fourth quarter a year ago. Revenue for the fourth quarter was $1.44 billion, up 6.1 percent compared to $1.36 billion in the previous-year period.

For the full-year 2014, Con-way reported net income of $137.0 million, or $2.36 per diluted share, compared to full-year 2013 net income of $99.2 million, or $1.73 per diluted share. Operating income of $268.5 million in 2014 increased 28.5 percent from the $209.0 million earned in 2013.

Revenue for the full-year 2014 was $5.81 billion, a 6.1 percent increase from $5.47 billion in 2013. For the fourth quarter of 2014, Con-way Freight reported: Revenue of $897.2 million, a 5.9 percent increase over last year’s fourth-quarter revenue of $847.0 million. Revenue in the quarter benefited primarily from improved yield.

Operating income of $36.8 million, a 55.1 percent increase over the $23.8 million earned in the year-ago period. The higher operating income was attributable to increased pricing and ongoing revenue management initiatives. Revenue per hundredweight, or yield, increased 6.1 percent from the previous-year fourth quarter.

Excluding the fuel surcharge, yield rose 7.3 percent. Tonnage per day increased 1.4 percent compared to the 2013 fourth quarter.

“Con-way Freight achieved growth in revenue and significantly higher operating income compared to last year on the strength of its ongoing revenue management efforts bolstered by a stable demand and pricing environment,” said Douglas W. Stotlar, Con-way’s president and CEO. “The increase in operating income was constrained to some degree by higher expense for workers’ compensation, fleet maintenance and professional services.”

Category: General Update