Turning to our consolidated financial results for the first quarter of 2012, Con-way reported revenues of $1.37 billion, a 9.7% increase over last year’s first quarter revenues of $1.25 billion.
Our operating income was $55.7 million in the 2012 first quarter, a 51.8% improvement over the $36.7 million earned in the prior year period. Diluted earnings per share were $0.46 compared to $0.12 per share in the first quarter last year.
On a non-GAAP basis, earnings per diluted share in the 2012 first quarter were $0.45 compared to $0.24 in the prior year. The non-GAAP results exclude the effects of discrete tax adjustments.
Moving now to review of our business segments, I’ll start with Con-way Freight, our LTL Company and largest revenue segment. Con-way Freight posted first quarter operating income of $34.5 million, a 69.6% improvement over the $20.3 million earned in the same period a year-ago. Revenue was $831 million, an 8.2% increase over last year’s first quarter revenue of $767.7 million. Con-way Freight’s operating ratio this period was $95.8 million, improving from last year’s first quarter OR of $97.4 million.Tonnage per day increased 1.5% over last year’s first quarter. Revenue per hundredweight or yield increased 6.1% in the quarter compared to the prior year. Excluding fuel surcharge, the increase in yield was 4.1% over last year’s first quarter. Con-way Freight made steady progress in its key focus areas during the quarter. Our journey to improve safety performance continues to produce encouraging results. This quarter accidents and injuries were down 20% and 35% respectively compared to the 2011 first quarter. We’re running a stable consistently performing network. We remain diligent in managing our cost and our lean continuous improvement practices or uncovering opportunities to increase the efficiencies on an ongoing basis. Overall, the demand for LTL services remains steady throughout the quarter. As a result of this stable environment, we were successful in achieving mid-single digit price increases on contract renewals that came due during the quarter. The stable demand environment has continued through April, where we have seen daily tonnage record a modest uptick rising 2.1% year-over-year from last April and up 4% sequentially from March of this year. We remain confident in our strategy for Con-way Freight and in our ability to execute that strategy in ways that improve the customer experience increased efficiencies and further expand margins. Read the rest of this transcript for free on seekingalpha.com