Con-way Posts $154 Million 1Q Loss

SAN MATEO, Calif. (AP) — Trucking company Con-way Inc. said Thursday it lost almost $154 million, most of it on an accounting charge.

The company's loss of $3.35 per share for the quarter that ended March 31 compared with profit of $22.5 million, or 47 cents per share, during the same period last year. Revenue fell almost 20 percent to $962.9 million, from $1.2 billion a year ago.

Adjusting for the non-cash accounting charge to write down the value of what used to be Contract Freighters Inc., which the company purchased in 2007, along with other adjustments, Con-way said it would have lost $19.2 million, or 42 cents per share. ...