Transportation conglomerate CNF expects its second quarter earnings to range from 34 to 39 cents per share, barring any unexpected charges.
CNF president & CEO Gregory Quesnel said cost cutting efforts have helped CNF contain the financial red ink the company endured after it shut down its air cargo carrier, Emery Worlwide Airlines, last year. He added that freight volumes at all its operating units are better than the company anticipated.
Palo Alto, CA-based CNF, however, is still recovering from the shut down of its Emery subsidiary in December of last year, which cost CNF $200 million in fourth quarter 2001 charges.
