Con-way Falls Short on Q3 EPS as Revenue Declines 17% (CNW)
Wed. November 04, 2009; Posted: 10:27 AM
Nov 04, 2009 (SmarTrend(R) News Watch via COMTEX) --
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PowerRating -- 11/4/2009 - Con-way Inc (NYSE:CNW) reported Q3 EPS of $0.39, ex-items, missing consensus analyst estimates of $0.42. Revenue for the quarter fell 17.3% year-over-year to $1.13 billion, coming out ahead of consensus estimates of $1.04 billion. President and CEO Douglas Stotlar said, "Our operating companies have adjusted to the resetting economy. Overall, the business environment continues to present formidable challenges, characterized by weak demand, excess capacity and pricing pressure. We expect these conditions to persist in the near term, diminishing the prospects for earnings growth." Shares fell 10% in early Wednesday trading.
Write to Chip Brian at cbrian@tradethetrend.com
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