Con-way Posts $154 Million 1Q Loss

However, the division's losses came in January and February, and it made a profit in March "as we saw the benefit of some seasonal upturn in business and modest market share gains," he said.

He said there are signs their freight volumes may be nearing a bottom, but "feedback from our customers as well as trend data for industrial output and inventory levels indicate that shipping volumes are likely to remain restrained, certainly for the short term," he said.

Con-way shares closed flat at $22.21 in the regular session, but fell $2.21, or 10 percent, to $20 in aftermarket trading.