Con-way profit triples in first quarter, revenue up 10%
Revenue for the latest quarter increased nearly 10 percent to $1.37 billion from $1.25 billion a year ago.
The Associated Press
ANN ARBOR, Mich. — Freight transportation company Con-way Inc. said Thursday that its first-quarter profit jumped more than threefold, driven by increases in freight, logistics and truckload revenue.
The Ann Arbor-based company said net income rose to $25.6 million, or 46 cents a share, in the three months ended March 31. That compares with net income of $6.9 million, or 12 cents a share, in the prior-year quarter.
Excluding the impact of tax-related adjustments, Con-way's earnings amounted to 45 cents a share.
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The results trumped Wall Street analysts' consensus forecast, which called for an on-average adjusted profit of 35 cents a share, according to FactSet.
Revenue for the latest quarter increased nearly 10 percent to $1.37 billion from $1.25 billion a year ago. Analysts had expected revenue of $1.35 billion.
The company said its effective tax rate during the quarter was 38.1 percent, compared with 67.6 percent a year ago.
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