CNF’s profit climbed 22 percent in its latest quarter citing tighter cost controls and the strengthening U.S. economy.
Its 4th quarter net income rose to $26.8 million, or 49 cents a share, from the prior year's $22 million, or 41 cents a share. This includes an 8 cent per share charge for restructuring the domestic operations of its Menlo Worldwide Forwarding unit.
For full-year 2003, CNF's net income was $83.8 million, or $1.57 per share, including 12 cents per share of net charges from special items. In 2002, the company had net income of $93.6 million, or $1.74 per share.
Revenue for 2003 climbed to $5.1 billion from $4.8 billion in 2002.
In other news, CNF’s board has elected W. Keith Kennedy, Jr. as its new chairman replacing Donald E. Moffitt, 71, who will retire at month’s end.
Kennedy, 60, has served as vice chairman of CNF since April of 2002 and as a member of CNF's board since 1996. He retired as president and chief executive officer of Watkins-Johnson Company in January 2000, a position he had held since January 1988.