Con-way’s 4Q Profit Slips; Full-Year Income Improves
Con-way Inc. said its fourth-quarter net income slipped from a year ago while revenue improved, but its full-year profit rose from the previous year.
Net income fell to $11.8 million, or 21 cents a share, from $23 million, or 41 cents a year ago. Revenue rose 3.4% to $1.36 billion, Con-way said late Wednesday.
For the full year, Con-way earned $104.5 million, or $1.85 per share, up from $88.4 million, or $1.58 per share, in 2011.
Operating income for the full year rose 10% to $228.8 million, while revenue rose 5.5% to $5.58 billion.
The quarter’s performance was negatively impacted by certain tax items, while the year-ago period included a $10 million gain from settlement of a dispute related to Con-way’s 2007 acquisition of Chic Logistics.
Fourth-quarter operating income fell to $37.8 million from $49.9 million in the year-ago period.
Less-than-truckload unit Con-way Freight, the company’s largest business unit, reported its fourth-quarter operating income rose 10% to $21.5 million, while revenue rose 3.6% to $824.7 million.
Con-way Truckload’s fourth-quarter operating income rose slipped to $8.5 million from 9.5 million, while revenue was flat at $155 million.
Its Menlo Worldwide Logistics unit’s fourth-quarter operating income fell to $8.6 million from $21.3 million, while revenue rose 5.5% to $431.2 million.
Con-way is ranked No. 3 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.