Con-way Net Jumps in Third Quarter

Con-way Inc. (NYSE:CNW) reported 2014 third-quarter net income of $45.6 million, or 78 cents per diluted share.

The results compare to third-quarter 2013 net income of $30.6 million, or 53 cents per diluted share.

Operating income in the third quarter was $91.4 million, a 35.0 percent increase from the $67.7 million earned in the third quarter a year ago. Revenue for the 2014 third quarter was $1.50 billion compared to $1.40 billion in the previous-year period.

For the third quarter of 2014, Con-way Freight reported:

• Revenue of $946.3 million, a 5.2 percent increase from last year’s third-quarter revenue of $899.3 million.
• Revenue in the quarter benefited from improved yield.
• Operating income of $71.9 million, a 39.4 percent increase from the $51.6 million earned in the year-ago period. The higher operating income was attributable to increased pricing and an improved composition of freight in the network. Revenue per hundredweight, or yield, increased 5.3 percent from the previous-year third quarter.
• Yield excluding fuel surcharge also was up 5.3 percent.
• Total tonnage was up 0.2 percent while tonnage per day declined 0.6 percent compared to the 2013 third quarter.
• Operating ratio of 92.4 in the 2014 third quarter improved from 94.3 in the previous-year period.

Category: Featured, General Update