CNF net up 20%

CNF net up 20%

CNF Inc.'s net income rose 20 percent in the fourth quarter as revenue increased 6 percent amid an improving economy and cost controls.

The Palo Alto, Calif. company late Monday reported net income of $28.9 million compared with $24.2 million a year earlier.

The latest quarter included a charge of $7.8 million for restructuring the operations of Menlo Worldwide Forwarding.

Revenue rose to $1.35 billion from $1.28 billion.

"CNF's results in the fourth quarter were improved from 2002, driven by a recovering economy and continued tight cost controls," Gregory L. Quesnel, CNF's president and chief executive, said in a prepared statement.

For 2003, CNF reported net income of $92 million compared with $101.8 million a year earlier. Revenue increased 7.2 percent to $5.1 billion from $4.76 billion in 2002.

In other news, CNF named W. Keith Kennedy as its new chairman.

Kennedy, 60, replaces Donald Moffitt, 71, who has decided to retire effective at the end of January, CNF said. Kennedy has been vice chairman of CNF since April 2002 and a member of CNF's board since 1996.