First quarter net income rise for Con-way

PRESS RELEASE

April 29, 2015 - Con-way Inc. today announced first-quarter 2015 net income of $21.8 million compared to income of $12.9 million in the first quarter of 2014.

Operating income for the first quarter of 2015 was $51.9 million, a 57.1 percent increase from the $33.1 million earned in the same period a year ago. Revenue of $1.37 billion for the 2015 first quarter increased slightly from last year's first quarter.

Segment results for Con-way's principal operations were as follows:
FREIGHT

Revenue of $855.6 million, a 0.9 percent increase from $848.0 million in the first quarter of the prior year.
Operating income of $37.4 million, more than double the $18.6 million in the previous-year first quarter.
Revenue per hundredweight, or yield, increased 3.6 percent compared to the prior-year first quarter. Excluding the fuel surcharge, yield rose 8.6 percent.
Tonnage per day decreased 1.4 percent compared to last year's first quarter.

"Con-way Freight delivered substantially improved results this quarter, reflecting sustained progress with our revenue management initiatives," said Douglas W. Stotlar, Con-way's president and CEO.

LOGISTICS

Revenue of $417.1 million, a 2.6 percent increase from $406.4 million in the first quarter of the prior year.
Net revenue of $190.2 million, a 4.2 percent increase from $182.5 million in the first quarter of the prior year.
Operating income of $8.6 million, a 39.6 percent increase from $6.2 million in the first quarter of the prior year.

"Menlo turned in a solid quarter with across-the-board increases in revenues, net revenues and operating income," said Stotlar. "Our emphasis remains on securing profitable new business and continuing to improve operating performance with existing accounts."

TRUCKLOAD

Revenue of $138.7 million, an 11.1 percent decrease from $156.0 million in last year's first quarter.
Operating income of $7.6 million, an 18.5 percent increase from $6.4 million in the first quarter of the prior year.

"The tight driver market is limiting our ability to fully seat our fleet. However, we were encouraged with early results from innovative, new recruiting efforts to bring more drivers into our company – and incent them to stay," commented Stotlar. "At the same time, we improved our profit performance, which benefited from lower fuel and other operating costs."