Con-way Inc. (CNW) reported net income available to common shareholders for the third quarter of $13.5 million, or $0.27 per share, compared to net income available to common shareholders of $38.8 million, or $0.81 per share in the year ago quarter.
The 2009 third quarter included the effect of a change in accounting estimate related to revenue adjustments at Con-way Freight and a charge for certain discrete tax items, which reduced net income by 7 cents and 5 cents per share, respectively. Excluding these items, 2009 third-quarter earnings per diluted share were 39 cents.
Revenue in the 2009 third quarter was $1.13 billion, down from last year's third-quarter revenue of $1.37 billion as the recessionary economy curtailed demand for services.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.52 per share on revenues of $1.14 billion for the quarter. Analysts' estimates typically exclude special items.
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