CNF expects 1Q profits despite challenges

April 3, 2003
CNF Con-Way Menlo Emery trucking logistics
Transportation conglomerate CNF said it sill expects to post a profit in the first quarter this year despite the slow economy and flat tonnage demand at its trucking subsidiaries.

CNF said it expects first-quarter earnings to be 26 to 30 cents per share, which includes a roughly eight-cent per share payment from the Air Transportation Safety and System Stabilization Act passed in the wake of the September 11 attacks.

CNF shut down its Emery cargo airline operation, which had already been grounded over safety concerns, because of the economic fallout on the air cargo industry in the weeks following the attacks.

Palo Alto, CA-based CNF said results from its third party logistics subsidiary Menlo Worldwide, excluding the stabilization payment, are only expected to slightly improve from those in the first quarter of 2002.

The weak economy has also affected its LTL trucking division, Con-Way Transportation Services, though it expects strong first-quarter profits.

Sponsored Recommendations

Tackling the Tech Shortage: Lessons in Recruiting Talent and Reducing Turnover

Discover innovative strategies for recruiting and retaining tech talent in the trucking industry at our April 16th webinar, where experts will share insights on competitive pay...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

How Electric Vehicles Help You Prolong the Life of Your Fleet

Before adopting electric vehicles for commercial/government fleets, prioritize cost inquiries. Maintenance is essential; understand the upkeep of EV fleets. Here’s what you need...

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!