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.
Contact AnnArbor.com's Nathan Bomey at (734) 623-2587 or email@example.com. You can also follow him on Twitter or subscribe to AnnArbor.com's newsletters.
File photo | AnnArbor.com
Fri, Feb 3, 2012 : 8:11 p.m.
Numerous comments were removed because they were off-topic and commenting on this story has been closed.
Fri, Feb 3, 2012 : 5:34 p.m.
Um, not to interrupt the mindless cheerleading, but they seriously missed their numbers and their stock is down 7% as a result.
Fri, Feb 3, 2012 : 12:44 a.m.
Thank you Consolidated Freightways, RIP
Thu, Feb 2, 2012 : 10:44 p.m.
Great news! Sharing this!