CNF reported record third-quarter 2005 after-tax income from continuing operations of $62.7 million, up 57 percent from $39.8 million in the third quarter of 2004.
Operating income in the third quarter was $103 million — up 31 percent from $78.4 million in the third quarter of 2004 — on revenue of $1.10 billion, up 13 percent from $973.6 million in the third quarter of 2004.
For the first nine months of 2005, the company reported after-tax net income from continuing operations of $167.6 million, compared to $164.1 million in the prior year period. Total revenue was $3.08 billion and operating income was $279.8 million.
“We achieved solid growth in both our trucking and supply chain management operations at a faster rate of growth than the overall economy,” says Douglas Stotlar, CNF president and CEO. “We have good cost controls in place with leverage for continued improvement. We are an efficient yet flexible company, and that served us well during the recent Katrina and Rita hurricanes, where the financial impact was negligible because of our ability to quickly reroute our services and limit disruption of operations.”
The company repurchased $37 million in company stock in the third quarter as part of a previously announced $300 million stock repurchase program to occur over two years. To date, CNF has repurchased $111.6 million in company stock under the program. The company expects to repurchase about $38 million in shares in the fourth quarter of 2005.