Con-way Misses on Top and Bottom Line
Trucking and logistics specialist Con-way reported third-quarter results today after the markets closed, showing that it posted net revenues of $1.398 billion, virtually unchanged from the $1.404 billion realized in the same period in the previous year, but below the $1.413 billion Capital IQ consensus estimate.
While adjusted net income came in at $33.3 million, or $0.58 per share, well ahead of the $25.2 million, or $0.45 per share, in the same period in 2012, it was $0.04-per-share below the CapIQ estimates of $0.62 per share.
Con-way says its less-than-truckload business is essentially carrying the company at the moment, as the logistics business wobbled because of implementation of several complex new projects, which contribute to growth in net revenue while having an adverse impact on operating income at the same time.
The trucking and logistics specialist didn't provide guidance for the coming quarter or for its full-year 2013 results, but analysts anticipate that Con-way will post adjusted earnings of $0.49 per share in the third quarter and $1.99 per share for the fiscal year on revenues of $1.387 billion and $5.519 billion, respectively.
Shares of Con-way closed trading today down 1.4%, or $0.62, to $45.11.
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