Con-way Inc. on Tuesday, May 1, reported 2012 first-quarter net income of $25.6 million compared to first-quarter 2011 net income of $6.9 million. Operating income was $55.7 million, a 51.8 percent increase from $36.7 million. Revenue was $1.37 billion, a 9.7 percent increase from $1.25 billion.
“Our strategy is yielding favorable results,” said Douglas Stotlar, president and chief executive officer of the Ann Arbor, Mich.-based company. “Our first-quarter performance reflected disciplined operations, which led to improvement at all business units.”
Stotlar said Con-way Freight, the company’s less-than-truckload operation, leveraged a stable demand environment. “Con-way Freight has done a good job controlling costs, delivering an excellent service experience for customers and improving yield over the prior year,” he said. “With Freight’s reliable network, engaged employees and improving efficiencies, we are confident in our ability to further expand margins.”
Stotlar said Menlo Worldwide Logistics, the company’s global logistics and supply chain management operation, maintained growth in revenue, net revenues and operating income. “Prudent cost management, increased revenues and margins from its core warehousing and transportation management services, and new customer revenues enabled Menlo to deliver top- and bottom-line growth,” he noted. “Our logistics company is executing well and creating value for its clients through lean continuous improvement practices.”
Stotlar said Con-way Truckload, the company’s full-truckload transportation operation, produced both revenue and margin growth. “Demand for our truckload services has remained consistent, while asset utilization has improved,” he said. “Con-way Truckload continued to improve operating efficiencies, reducing empty miles and increasing revenue per loaded mile. Our focus on premium service and network efficiency provides a foundation for further margin expansion.”