Trucking and logistics giant Con-way roared back from the recession last year as its net profit skyrocketed 22-fold from $4 million in 2010 to $88.4 million in 2011.
Operating income more than doubled from $78.2 million in 2010 to $207.9 million last year, while Con-way’s total revenue rose 6.8 percent to $5.29 billion.
A fourth quarter net profit of $23 million, compared with $2.4 million a year earlier, capped Con-way’s recovery. Revenue rose 8.7 percent to $1.32 billion in the quarter.
The earnings recovery was supported by “consistent operating discipline” across Con-way’s three business units, President and CEO Douglas W. Stotlar said. Less-than-truckload carrier Con-Way Freight led the way, increasing its annual net profit from $28.9 million in 2010 to $119.8 million last year.
In the fourth quarter, Con-way Freight saw operating profit shoot up to $19.6 million, compared with $1.8 million in the fourth quarter of 2010.
The nation’s second-largest LTL carrier increased fourth-quarter revenue 8.2 percent to $796.2 million. For the full year, revenue rose 5.6 percent to $3.2 billion.
LTL yield, a measure of pricing, rose 4.3 percent excluding fuel surcharges. For the first time in a year, Con-way Freight tonnage rose, inching up 0.8 percent.
Menlo Worldwide Logistics’ profit jumped from $6.7 million a year ago to $21.3 million in the quarter. Revenue was up 11.4 percent to $408.9 million.
For the full year, Menlo’s revenue rose 7.6 percent to $1.6 billion. Excluding purchased transportation costs, net revenue increased 5.3 percent to $601.6 million.
Higher pricing helped pushed Con-way Truckload profit up 31.4 percent to $9.5 million in the quarter on an 8.8 percent increase in sales to $155.6 million. The Joplin, Mo.-based carrier’s revenue per loaded mile or truckload yield rose 3.4 percent from the same period a year ago, excluding fuel surcharges.
For the full year, operating profit at the truckload business unit increased 6.7 percent to $34.8 million on an 8 percent jump in revenue to $615 million.