CNF makes a 2Q profit

July 18, 2002
Troubled transportation conglomerate CNF returned to profitability in the second quarter, posting net income of $9.8 million on revenues of $1.19 billion, compared to a net loss of $227.9 million on $1.26 billion in revenues during the same period last year. For the first six months of 2002, net income topped $24.2 million, excluding $13.9 million of after-tax gains from unusual items in the first
Troubled transportation conglomerate CNF returned to profitability in the second quarter, posting net income of $9.8 million on revenues of $1.19 billion, compared to a net loss of $227.9 million on $1.26 billion in revenues during the same period last year.

For the first six months of 2002, net income topped $24.2 million, excluding $13.9 million of after-tax gains from unusual items in the first quarter, on revenues of $2.25 billion. That compares to a $214.4 million net loss on $2.54 billion in revenue over the same six months last year.

Palo Alto, CA-based CNF suffered huge losses last year after it closed its Emery Worldwide air cargo airline. CNF voluntarily suspended Emery operations in mid-2001 after the Federal Aviation Administration began an investigation into safety violations, then permanently shuttered the airline after the Sept. 11 terrorist attacks.

CNF then formed a new division called Menlo Worldwide that combined Emery Worldwide, Menlo Logistics and Vector SCM into a provider of supply chain services on a global basis. The company now has just two operating divisions – Menlo and Ann Arbor, MI-based trucking conglomerate Con-Way Transportation Services.

About the Author

Sean Kilcarr | Editor in Chief

Sean reports and comments on trends affecting the many different strata of the trucking industry -- light and medium duty fleets up through over-the-road truckload, less-than-truckload, and private fleet operations Also be sure to visit Sean's blog Trucks at Work where he offers analysis on a variety of different topics inside the trucking industry.

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