Con-way earnings down 23% on increase in fuel costs, year-ago gain

The Associated Press

4/17/2008

SAN MATEO, Calif. — Con-way Inc.’s first-quarter earnings fell 23 percent as high fuel costs drove expenses higher, the trucking and logistics company said Wednesday.

Net income fell to $24.1 million, or 47 cents per share, from $29.6 million, or 57 cents per share, a year ago, when the company had a gain of 6 cents per share from the sale of a unit.

Analysts expected profit to reach 60 cents per share, according to Thomson Financial.

Revenue rose 20 percent to $1.2 billion from $1 billion last year, despite what the company’s chief executive called a “lackluster at best” economic environment.

“We’re operating in a challenging and uncertain economic environment, which continues to restrain demand and place pressure on pricing and margins,” CEO Douglas Stotlar said in a statement.