ANN ARBOR, Mich. (AP) -- Con-way Inc. said Tuesday that second-quarter profit rose 42 percent as the trucking operator boosted shipping rates and increased revenue across its businesses.
Still the results fell short of expectations. The shares were down $2.42, or 6.8 percent, in late trading after falling 20 cents to $35.62 in the regular session.
Net income was $41.8 million, or 74 cents per share, compared with $29.4 million, or 52 cents per share, a year earlier.
The company said that excluding gains from selling facilities and tax adjustments, it would have earned 66 cents per share.
Analysts, who usually drop items from their calculations, had expected 69 cents per share, according to research firm FactSet.
Revenue rose 7 percent to $1.45 billion, a shade below the $1.46 billion forecast by analysts.
The freight, truckload and logistics businesses all increased revenue over the same quarter last year.
The freight or less-than-truckload business accounts for 60 percent of the company's revenue. Yield rose 3.2 percent, reflecting higher rates, and volume carried rose 0.9 percent. Operating income surged 36 percent higher in freight and 42 percent in the smaller truckload segment thanks to measures such as higher rates and fewer miles with empty trailers.
Costs rose more slowly than revenue, at 5 percent.
