CNF POSTS RECORD FIRST-QUARTER PROFIT
CNF Transportation posted record first-quarter net income, as increased
profit by Con-Way Transportation Services and Menlo Logistics more than
offset a decline by Emery Worldwide.
The parent company’s net income jumped to $40.3 million from $16.9
million. The results included a $16.5-million one-time gain from a legal
settlement.
Operating income, including that one-time gain, rose 84 percent to $82.6
million. Revenue rose 15 percent to $1.26 billion.
Con-Way, CNF’s trucking unit, posted a 7-percent increase in operating
revenue to $53.9 million, as revenue increased 10 percent to $433.4
million. Menlo’s operating income rose 20 percent to $4.6 million on a
34-percent increase in revenue to $160.6 million.
Emery had first-quarter operating income of $3.6 million, down 53
percent, while revenue rose 1 percent to $529.4 million. The company cited
declines in air-freight volume and revenue.