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.