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Con-way's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Turning to our consolidated financial results for the second quarter of 2012, Con-way reported revenues of $1.45 billion, a 7.2% increase over last year’s second quarter revenues of $1.35 billion. Our operating income was $80.1 million in the 2012 second quarter, a 33.2% improvement over the $60.2 million earned in the prior year period. Diluted earnings per share were $0.74 compared to $0.52 per share in the second quarter of last year. On a non-GAAP basis, earnings per diluted share in the 2012 second quarter were $0.66 compared to $0.50 in the prior year. The non-GAAP items consisted of gains on facility sales in the current period and tax related adjustments for both years.

Moving now to review of our business segments, I’ll start with Con-way Freight, our LTL operation and largest revenue segment. Con-way Freight posted second quarter operating income of $53.4 million, a 36.5% improvement over the $39.2 million earned in the same period a year-ago. Revenue of $878.5 million, a 4.6% increase over last year’s second quarter revenue of $839.8 million. Con-way Freight’s operating ratio this period was $93.9 million, improving from last year’s second quarter OR of $95.3 million. Excluding the gain from the sale of excess properties, the operating ratio for this year’s second quarter came in at $94.4 million. Tonnage per day increased 0.9% over last year’s second quarter. Second quarter revenue per hundredweight or yield increased 3.2% with and without fuel surcharge compared to the prior year.

The yield adjusted for length of haul and weight per shipment was up 4.1% in the second quarter compared to last year. It was a steady performance highlighted by improving operational efficiency and consistent service execution for Con-way Freight. Our focus on safety continue to return encouraging results as the number of accidents and injuries year-to-date were down 13% and 25%, respectively compared to the first half of 2011. We remain diligent in managing our cost and our lean continuous improvement practices are helping our employees aim more opportunities to eliminate waste and increase efficiencies.

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