Two carriers warn of mixed 3Q earnings
Palo Alto, CA-based transportation giant CNF and Akron, OH-based LTL carrier Roadway say their operations will be profitable in the third quarter, but that those profits may be reduced or dissipate for a variety of reasons.
CNF, which owns regional LTL carrier conglomerate Con-Way, said it expects its third-quarter earnings to be in the range of 45 cents to 50 cents per share.
"The improved performance is occurring across the board at all of our operating units, as a result of an improving economy in the quarter," said president & CEO Gregory Quesnel.
Roadway, which is in the midst of being bought out by rival LTL carrier Yellow Corp., would have earned between 60 cents to 70 cents per share in the third quarter as it previously predicted. However, the company noted that the purchase by Yellow should result in a one-time charge of 88 cents per share, causing Roadway a loss of 16 to 21 cents per share.