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Big rise in Con-way profit

PRESS RELEASE

February 04, 2015: Con-way Inc. today reported 2014 fourth quarter net income of US$24.9 million, or 43 cents per diluted share. The results compare to fourth quarter 2013 net income of US$11.7 million, or 20 cents per diluted share.

Operating income in the fourth quarter was US$41.3 million, a 23.8 percent increase from the US$33.4 million earned in the fourth quarter a year ago. Revenue for the fourth quarter was US$1.44 billion, up 6.1 percent compared to US$1.36 billion in the previous-year period.

For the full-year 2014, Con-way reported net income of US$137.0 million, or US$2.36 per diluted share, compared to full-year 2013 net income of US$99.2 million, or US$1.73 per diluted share.

Operating income of US$268.5 million in 2014 increased 28.5 percent from the US$209.0 million earned in 2013. Revenue for the full-year 2014 was US$5.81 billion, a 6.1 percent increase from US$5.47 billion in 2013.

"Con-way Freight achieved growth in revenue and significantly higher operating income compared to last year on the strength of its ongoing revenue management efforts bolstered by a stable demand and pricing environment," said Douglas W. Stotlar, Con-way's president and CEO. "The increase in operating income was constrained to some degree by higher expense for workers' compensation, fleet maintenance and professional services.

"Menlo achieved higher operating income in the fourth quarter as it continued to effectively manage its costs while improving account profitability and service," Stotlar noted. "Following the award and start-up of several unusually large new warehouse projects last year, Menlo's new business inflows have trended back to historical levels. As a result, our logistics company was able to improve operating efficiency and several key customer performance metrics.

"Due to strong demand and increased pricing, coupled with declining costs for diesel fuel and other operating expenses, Con-way Truckload delivered a double-digit improvement in operating income for the fourth quarter," said Stotlar. "The slight decline in revenue was primarily attributable to the industry-wide driver shortage, which continued to impact our ability to seat tractors with qualified drivers. While recruiting and retaining qualified drivers remains a challenge, our improved driver pay package enabled progress in the fourth quarter."

Con-way Inc. is a US$5.8 billion freight transportation and logistics services company headquartered in Ann Arbor, Mich.

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