Con-way reported its net income in the second quarter of 2013 was $42.9 million, improving from $41.8 million in the second quarter of 2012.
However, quarterly revenue for Con-way, No. 5 on JOC’s list of the Top 50 Trucking Companies, was $1.38 billion, dropping from $1.45 billion in the same quarter last year.
The company’s performance benefited from better results at Con-way Freight, No. 2 on JOC’s list of the Top 25 Less-Than-Truckload Carriers, which continued to make progress with its strategic improvement initiatives, while Menlo Worldwide Logistics and Con-way Truckload had cost headwinds, which reduced profit levels at both units compared with last year, according to Douglas W. Stotlar, Con-way's president and CEO.
Con-way Freight reported revenue of $892.3 million in the second quarter, up 1.6 percent year-over-year from $878.5 million. The gain was driven by improved yield, which rose 2.7 percent year-over-year, but was partially offset by lower average daily tonnage, which declined 1.4 percent, Con-way said.
Menlo Worldwide Logistics posted quarterly revenue of $370.4 million, down 17.3 percent from the prior year’s second quarter revenue of $448.0 million. The company said the drop was fueled by a decline in transportation management volume, which resulted from changes to a large transportation management contract and the conclusion of work on other customer contracts.
Furthermore, Con-way Truckload’s revenue in the second quarter was $161.8 million, compared with $162.9 million in the second quarter of last year. Results were affected by lower fuel surcharge revenues and a 1.0 percent decline in loaded miles, partially offset by a 1.6 percent increase in revenue per loaded mile, according to Con-way.