Con-way Inc(NYSE:CNW) 4Q Earnings Disappoints On Flat Revenue


Dallas, Texas 02/19/2014 (FINANCIALSTRENDS) – The $2.14 billion market capped Con-way Inc (NYSE:CNW) which is a provider of solutions and services to sectors like “transportation, logistics and supply-chain management” reported results for its fourth quarter operations on 5th February. The firm also announced a slew of changes in the ranks of its management who head various divisions of the firm.

Fourth Quarter Operations Results

Con-way Inc (NYSE:CNW) net income in the fourth quarter came in at $11.7 million, which translates to an earnings per share of $0.2. These results represent a slight dip from the 4Q12 earnings which came in at $0.21 per share and net income of $11.8 million. Operating income from the fourth quarter was $33.4 million which again trailed the 4Q12 number of $37.8 million. Overall revenue from the fourth quarter was $1.36 billion which was on par with its 4Q revenue generation efforts.

Fourth Quarter Highlights

Explaining the flat growth in revenue, Con-way Inc (NYSE:CNW) Chief Executive Officer and President Douglas W. Stotlar has been quoted to have said that, “As reported earlier, Con-way Freight and Menlo Worldwide Logistics dealt with a number of issues in the fourth quarter, which negatively affected the period’s operating results and were mostly specific to the quarter. These results were not indicative of the overall progress made in 2013 to position our company for long-term success, notably at Con-way Freight and Menlo Logistics.”

Looking forward, the CEO stressed that at their “less-than-truckload” firm, they have rung in a host of changes, which have helped the firm set up lean manufacturing methodologies, which in turn is expected to hold the firm in good stead in 2014.

Full Year Highlights

From its full year 2013 operations, Con-way Inc (NYSE:CNW) had managed to accumulate net income of $99.2 million, which translates into a per share earnings of $1.73.  This is a significant dip when compared to FY12 yearend figures of $104.5 million in net income and $1.85 earnings per share. Operating income for the full year was $209 million, which was again a 5 percent dip over its FY12 net income of $228.8 million. Revenue for FY13 came in at $5.47 billion which was lower than the $%.58 billion it had recorded in FY12.