Ann Arbor Township-based Con-way Inc. reports soaring profit for 2011
(This story has been revised to correct an error regarding operating income.)
Ann Arbor Township-based transportation giant Con-Way Inc. reported today that its profit soared from $4 million in 2010 to $88.4 million in 2011.
The full-year results, which included $16.6 million in one-time gains after a year with $28.1 million in one-time losses, included improved results for its core unit, Con-way Freight.
Con-way Freight's operating income rose from $1.8 million in the fourth quarter of 2010 to $19.6 million in the fourth quarter of 2011. For the full year, operating income rose from $28.9 million to $119.8 million.
Con-way Inc., which moved its corporate headquarters from California to Ann Arbor Township in 2011, reported fourth-quarter profit of $23 million, up from $2.4 million in 2010.
“The fourth quarter’s results capped a year of improvement driven by consistent operating discipline in all of Con-way’s core businesses,” Con-way Inc. CEO Douglas W. Stotlar said in a statement.
With about 31,000 employees throughout the country, the less-than-truckload shipping company is the largest for-profit organization headquartered in Washtenaw County.
The company's stock (NYSE:CNW) was generally flat after-hours trading to $32.97 at 5:04 p.m.
File photo | AnnArbor.com