said its second quarter would blow by consensus estimates on better operating unit volumes and cost-cutting measures.
The company, which performs global supply chain services with businesses in trucking, air freight, ocean freight, customs brokerage, and others, said it expects to earn 34 cents to 39 cents a share in the quarter. The consensus estimate of nine analysts polled by Thomson Financial/First Call is for earnings of 23 cents.
CNF said its better-than-expected results were due to cost control at Con-Way and Menlo Worldwide, savings from restructuring at Emery Forwarding, and solid progress in its supply chain joint venture with
. The company added that "volumes at all our operating units are slightly better than we anticipated at the beginning of the quarter."
Shares of CNF closed at $35.19 Wednesday before the revised guidance.