CNF reports record Q4 earnings, still misses expectations
Net income for the San Mateo, California-based company totaled $51.2 million in the quarter, a 59% increase on the $32.2 million reported in the prior-year period. The results included a loss of five cents per diluted share related to discontinued operations. CNF, which includes Con-Way Transportation Services and Menlo Worldwide, earned 97 cents a share in the latest quarter from continuing operations. However, while achieving record profit in the period, the firm missed analysts' expected earnings of $1 per share. "In a year that saw our organization accomplish a major transition in executive management, the focus of our people on service excellence and superior quality for our customers never wavered," said president and CEO Douglas Stotlar. "These impressive results are a testament to that focus, the strength and determination of our team and the robust nature of our business model." Total revenue in the period stood at $1.1 billion, an increase of 12.6% on 2004.