Con-Way Misses Q4 Earnings, Notes Forex Loss
Con-way Inc (NYSE: CNW) missed fourth quarter earnings estimates Wednesday, posting revenue growth of 6 percent.
The Menlo Park, California-based trucking company changed hands in the extended session recently at $41.01, down more than 2 percent.
Adjusted profit rose to $0.41 a share, from $0.23 a share a year earlier, while revenue grew nearly 6 percent to $1.44 billion, from $1.37 billion last year.
But Wall Street expected earnings of $0.45 a share, on revenue of $1.45 billion.
Net income for the recent period rose to $24.9 million, or $0.43 a share, from $11.7 million, or $0.20 a share last year.
Operating income growth of nearly 24 percent -- to $41.3 million -- included $5.1 million of foreign-exchange loss.
Freight segment revenue rose nearly 6 percent to $897.2 million, and benefited from stable demand and pricing, according to Chief Executive Douglas W. Stotlar.
Fourth quarter logistics revenue grew 9.2 percent to $433.8 million, and truckload revenue increased 2.3 percent to $152.3 million.
The company didn't immediately offer an outlook.
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