Con-way, the Ann Arbor, Mich.-based trucking operator and logistics provider, on Monday reported first quarter net income of $14 million, down from $25.6 million a year earlier.
Operating income declined to $31.6 million from $55.7 million a year earlier as revenue was essentially flat at $1.34 billion vs. $1.37 billion in the first quarter of 2012.
Con-way Truckload’s revenue of $157 million in the 2013 quarter was down from $155.7 million a year earlier, while operating income dipped to $10 million from $10.6 million a year earlier. But the division’s revenue per loaded mile, excluding fuel surcharges, increased 3.3 percent in the period
The company attributed the declines to adverse weather and fewer working days in the 2013 quarter than a year earlier.
“On a consolidated basis, our first quarter 2013 results were below our expectations and therefore were disappointing,” President and CEO Douglas W. Stotlar said in a written statement. “However, the first quarter also provided further validation that our efforts to expand margins are gaining traction and moving in the right direction.”