Con-Way reports rising profit

Trucking and logistics giant Con-way increased net profit 42 percent in the second quarter to US $41.8 million as higher yield, better asset utilisation and new business across its portfolio pushed revenue up 7.2 percent year-over-year to $1.45 billion. Operating income in the 2012 second quarter was $80.1 million, a 33.2 per cent increase from the $60.2 million earned in the second quarter a year ago.  

“Our strategy continues to deliver improved results,” said Douglas W. Stotlar, Con-way’s President and CEO. “Our second quarter performance reflected disciplined operations which increased profit levels at all business units.”

Con-way Freight, the second-largest less-than-truckload carrier in the US, benefited from effective cost management and higher yield during the quarter, accodring to Stotlar. “These results enabled Con-way Freight to successfully expand margins over last year,” he said. “Our LTL company’s employees are doing a great job executing our strategy and driving improvements in the business.”

Menlo Worldwide Logistics, the company’s global logistics and supply chain management operation, saw improved revenues and profits from both international and U.S.-based operations during the quarter. “New business revenues coupled with growth in existing warehousing and transportation management accounts supported Menlo’s improved results over last year,” Stotlar noted. “Our logistics company continues to create efficiencies for customers through its proven lean practices and superior operational execution.”

Con-way Truckload, the company’s full-truckload transportation operation, maintained its momentum. “We continued to increase efficiencies and asset utilization during the quarter,” Stotlar said. “Reduced empty miles and higher revenue per loaded mile contributed to an improved operating ratio. We remain focused on operational excellence and premium service as our foundation for further margin expansion.”

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