Economy Improving? CNF Posts a Gain

Fourth-quarter net income for shareholder was up 22%, year-over-year, to $26.8 million. For the full year, 2003 had net shareholder income of $83.8 million compared to $93.6 million for 2002.

Operating income for 2003 was $191.4 million, compared to 2002’s $181.8. Total revenues for 2003 were $5.1 billion, 7% higher than $5.1 billion in 2002.

Highlights include Con-Way Transportation Services with revenues of $577.5 million in the fourth quarter of 2003, up 10% from last year’s $525.1 million.

Significantly, carrier weight per day for the regional service rose by 9.4% when compared to 2002.

Menlo Worldwide and Menlo Worldwide Forwarding showed operating losses based on restructuring and domestic U.S. business decline. International business per day for the quarter was up 12%. Menlo Worldwide Other – Vector SCM – was up 4% in the quarter with income of $5.4 million.

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