Con-way reports rise in net income

US transport company Con-way has reported a second-quarter net income of $42.9 million – $1.1 million more than in Q2 2012. Revenue and operating income fell slightly.

Operating income in the second quarter was $76.3 million compared to $80.1 million earned in the second quarter a year ago. Revenue slipped to $1.38 billion from $1.45 billion a year ago.

“Con-way Freight, our less-than-truckload company and largest business unit, is executing well against its key strategic initiatives of lane-based pricing and line-haul optimization,” commented Douglas W Stotlar, Con-way’s President and CEO.

“Improved yield and network efficiencies overcame a slight decline in tonnage to deliver increased operating income in the quarter. We are on track with our initiatives and continue to expect year-over-year margin improvement in the second half of the year.”

Con-way Truckload, the company’s full-truckload transportation operation, reported a decline in operating income on flat revenues for the quarter. “Increased rate per loaded mile was offset by lower productivity per tractor and a decline in total miles,” Stotlar said.

“The quarter’s results also were affected by higher vehicular claims and the impact of emissions-systems maintenance, some of which we expect to moderate as the year progresses.”

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