Con-way Inc. Reports Third-Quarter EPS of $(0.15)

Con-way Inc.

today reported a net loss to common shareholders for the third quarter of 2010 of $8.2 million (15 cents per share). The results compared to third-quarter 2009 net income to common shareholders of $13.5 million (27 cents per diluted share). Revenue in the third quarter of 2010 was $1.27 billion, a 12.1 percent increase from last year's third quarter. Operating income in the 2010 third quarter was $12.5 million, compared to $41.1 million in the third quarter a year ago. The third-quarter tax provision in 2010 was $6.7 million and in 2009 was $11.5 million. There was no tax benefit in 2010 from the non-deductible goodwill impairment charge. Excluding the effect of goodwill impairment and discrete items, the third-quarter effective tax rate was 42.6 percent in 2010 compared to 37.0 percent in 2009.