Con-way 1Q earnings rise; board OKs $400 million share buyback

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Con-way Inc. announced first-quarter net income was $46.4 million, up from $31.1 million a year ago. Income from continuing operations for the first quarter was $45.5 million, up from $38.9 million last year. The freight transportation company reported quarterly revenue of $1.06 billion, up from $947.7 million last year.

“Overall, our employees delivered an excellent performance for shareholders, reaching milestones for revenues and earnings,” says Douglas W. Stotlar, president and chief executive officer of San Mateo, Calif.-based Con-way. “Our LTL operations maintained their emphasis on continued productivity gains and aggressive cost control, with a focus on improving profit per shipment. We expect these improvements to carry through the year.”

Con-way’s board of directors also approved a $400 million share buyback through the end of the second quarter of 2007.