Thursday, trucking company Con-way Inc. (CNW) reported a fourth quarter loss that narrowed from last year, absent the impairment and restructuring charges recorded in the year ago quarter. Revenues for the quarter declined from a year ago, though came in ahead of Street estimates.
Con-way's net loss for the quarter applicable to shareholders narrowed to $1.93 million or $0.04 per share from a net loss of $43.0 million or $0.94 per share in the year-ago period.
Net loss from continuing operations applicable to shareholders narrowed to $1.93 million or $0.04 per share from a net loss of $49.73 million or $1.09 per share a year-ago.
On average, 20 analysts polled by Thomson Reuters expected the company to earn $0.14 per share. Analysts' estimates typically exclude special items.
Net loss for the quarter included expenses related to an administrative outsourcing initiative of $0.04 per share. The year ago fourth quarter included operational restructuring costs at Con-way Freight of $0.28 per share, impairment and acquisition related charges at Menlo Worldwide Logistics of $0.91 per share, and a net gain from discontinued operations of 0.15 per share. Revenues for the quarter declined to $1.11 billion from $1.12 billion a year-ago. Eleven Wall Street analysts estimated revenues of $1.08 billion for the quarter.
Segment-wise, revenue from freight increased to $683.86 million from $640.30 million, while revenue from logistics declined to $338.22 million from $373.11 million a year-ago. Truckload revenues declined to $93.63 million from $110.93 million a year-ago.
During the quarter, Con-way also recorded a 20.6% increase in freight tonnage per day over the previous year quarter. The company's less-than-truckload operation, Con-way Freight, saw pricing stabilize somewhat in the fourth quarter, "albeit at a lower level."
Operating income from freight was $2.83 million, compared with an operating loss of $9.39 million a year-ago. Operating income from logistics was $5.92 million, compared with an operating loss of $38.57 million in the year-ago period. Operating income from truckload operations declined to $8.20 million from $14.48 million a year-ago. Other operating income was $318 million, compared with an operating loss of $1.68 million a year-ago.
The company's net other expenses were higher at $16.13 million, compared with $14.45 million a year-ago.
On October 30, 2009, market rival YRC Worldwide Inc. reported a narrower net loss for the third quarter, due to the absence of impairment charges in the year-ago period, and a 55% drop in operating expenses, despite a drop in quarterly revenue.
Con-way reported full year net loss applicable to shareholders of $110.93 million or $2.33 per share, compared with a net income applicable to shareholders of $66.96 million or $1.40 per share in the year-ago period.
Net loss from continuing operations applicable to shareholders was $110.93 million or $2.33 per share, compared with a net income of $58.63 million or $1.40 per share in the year-ago period. Revenue for the year declined to $4.26 billion from $5.03 billion in the year-ago period.
The Street estimated earnings of $0.77 per share on a revenue of $4.23 billion for the fiscal year 2009.
CNW closed Thursday's trade at $28.33, down $0.54 or 1.87%, on a volume of 1.3 million shares on the New York Stock Exchange. In after hours, the stock further declined $0.53 or 1.87%.
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