• CNF sees earnings rise

    CNF Inc. said its first-quarter earnings rose 35% because of property sales and federal aid it received for losses related to the Sept. 11 terrorist attacks. However, CEO Greg Quesnel warned that second-quarter shipments could be weak. "We think we've seen the bottom of the recession," said Quesnel. "March was a relatively good month, as both Menlo Worldwide and Con-Way had improved results from February.
    April 18, 2002
    CNF Inc. said its first-quarter earnings rose 35% because of property sales and federal aid it received for losses related to the Sept. 11 terrorist attacks. However, CEO Greg Quesnel warned that second-quarter shipments could be weak.

    "We think we've seen the bottom of the recession," said Quesnel. "March was a relatively good month, as both Menlo Worldwide and Con-Way had improved results from February. But overall, the upturn so far is weak."

    The company said net income increased to $18.3 million from $13.5 million a year earlier. However, Con-Way's profit before taxes and interest fell 8.2% to $33.7 million.

    Menlo Worldwide, the unit formed from combining Emery's remaining air-cargo services and Menlo Logistics, had a $3.3-million profit, compared with a loss of $3 million.

    The first quarter included a net after-tax benefit of $14.0 million from unusual items, which included sales of excess property, a payment under the Air Transportation Safety and System Stabilization Act and proceeds from the early termination of a contract.

    CNF closed its Emery Worldwide Airlines air-cargo unit and renegotiated leases after Emery grounded its planes last August.

    Quesnel said Con-Way LTL tonnage grew in the first quarter for the first time in a year and a half

    About the Author

    Tim Parry

    Tim Parry is a former FleetOwner editor. 

    Voice your opinion!

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

    Sign up for our free eNewsletters

    Latest from News

    4126654 | Phartisan | Dreamstime.com
    driver retention
    Turnover and its causes are expenses we like to ignore or accept as the cost of running a trucking company. In a market like today’s, investing in retention doesn’t mean spending...
    262563459 | Vitpho | Dreamstime.com
    Combat cargo theft: Strategies to protect your fleet in 2025
    Cargo theft is rising in the U.S., fueled by advanced tactics and international rings. Understanding trends and strategies is essential for fleets to safeguard their assets.
    81443784 | Vitpho | Dreamstime.com
    trucking efficiency
    When you couple a truck spec’d properly for its duty cycle with technologies that improve efficiency and a driver who is hyper-focused on fuel efficiency, you’ll have a winning...