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