CNF Inc. today reported first-quarter net income for common shareholders of $15.9 million, which is lower than last year's first-quarter net income of $18.3 million.
However, CNF said that excluding special items in both periods, net income for common shareholders was $11.5 million in first-quarter 2003 compared with $4.4 million in first-quarter 2002.
CNF said its first-quarter 2003 operating income was $41.0 million compared with $40.4 million in the same quarter a year ago. Revenue for the first quarter of 2003 was $1.21 billion compared with $1.07 billion in first-quarter 2002.
CNF president & CEO Greg Quesnel noted that its Con-Way Transportation Services subsidiary's operating income was up 10% and its revenue rose 14%. Its Menlo Worldwide Logistics arm had a 7% rise in operating income and a 12% revenue jump.