Transportation and logistics giant Con-way increased revenue 7.2 percent to $1.3 billion in the first quarter, reporting a $6.9 million profit.
That profit would have been higher but for $6.3 million in tax adjustments, the company said. All of its units reported an operating profit in the quarter.
Con-way returned to the black in 2010, reporting a $4 million profit for the year compared with a $110.9 million loss in 2009 following a fierce truck rate war.
The results show progress toward a better balance of volume and pricing at less-than-truckload carrier Con-way Freight, which hauled fewer shipments.
The LTL carrier’s tonnage per day declined 4.7 percent from a year ago, while revenue per hundredweight, a measure of pricing, rose 9.7 percent from the year ago quarter.
Excluding fuel surcharges, Con-way Freight’s yield rose 5.6 percent. The third-largest LTL carrier in the nation increased sales 5.9 percent to $767.7 million.
Con-way Truckload more than doubled its operating income from $3 million in the year ago quarter to $7.1 million on higher pricing and better cost control.
The carrier increased revenue 3.3 percent to $145.2 million. Revenue per loaded mile increased 3.8 percent, and empty miles fell to 9.6 percent of total miles.
Demand for transportation management services offset declines in warehousing and lifted Menlo Worldwide Logistics’ revenue 4.2 percent to $370 million.
The third-party logistics company’s net revenue dropped 1.5 percent to $142.3 million, while its operating income dropped 32.7 percent to $8.6 million.