Con-way reports 3Q profit

ANN ARBOR (AP) -- Con-way Inc. reported a third-quarter profit last Thursday as the freight business picked up. The trucking company earned $29.1 million, or 52 cents per share, for the quarter that ended Sept. 30. During the same period last year it lost $8.2 million, or 15 cents per share, during a quarter held down by special charges. Revenue rose 8.4 percent to $1.38 billion, from $1.27 billion a year ago. Analysts surveyed by FactSet had been expecting a profit of 52 cents per share on revenue of $1.36 billion. The company said demand in its less-than-truckload unit was soft early in the quarter, but it got better as the quarter went on. The segment ended the quarter with operating income of $40.7 million, up from $13.1 million a year ago. Revenue rose 5.8 percent to $843.3 million because of fuel surcharges. Operating income was $12.7 million in its logistics unit, compared with a loss last year of $6.3 million. Revenue rose 12.7 percent to $417.1 million. Published: Mon, Nov 7, 2011