Con-Way Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Tax Rate Guidance for the Third and Fourth Quarter and Full Year of 2015
Jul 29 15
Con-way Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenue of $1,427,314,000 compared to $1,492,349,000 a year ago. Operating income was $84,006,000 compared to $102,700,000 a year ago. Income before income tax provision was $71,453,000 compared to $90,768,000 a year ago. Net Income was $44,035,000 or $0.76 per diluted share compared to $53,667,000 or $0.93 per diluted share a year ago. On non-GAAP basis, adjusted net income was $43,690,000 or $0.76 per diluted share compared to $52,283,000 or $0.91 per diluted share a year ago. Net revenue was $187,221,000 compared to $186,687,000 a year ago. Net capital expenditures were $66 million in the quarter as compared to $39 million in the second quarter of 2014.
For the six months, the company reported revenue of $2,799,745,000 compared to $2,861,192,000 a year ago. Operating income was $135,933,000 compared to $135,762,000 a year ago. Income before income tax provision was $107,848,000 compared to $109,990,000 a year ago. Net Income was $65,827,000 or $1.13 per diluted share compared to $66,560,000 or $1.16 per diluted share a year ago. Adjusted net income was $64,230,000 or $1.12 per diluted share compared to $48,935,000 or $0.86 per diluted share a year ago. On non-GAAP basis, adjusted net income was $66,401,000 or $1.14 per diluted share compared to $63,514,000 or $1.10 per diluted share a year ago. Net revenue was $377,376,000 compared to $369,177,000 a year ago. Year-to-date, net CapEx was $112 million.
The company expected full year 2015 net CapEx to be just under $300 million. The continue to expects depreciation and amortization expense to be approximately $242 million. The company also continue to anticipate 2015 effective tax rate, excluding discrete items, will be approximately 39.3% for the full year.
The company continues to anticipate effective tax rate, excluding discrete items 39.6% for each of the next third and fourth quarters.
Con-Way Inc. Elects New Board Members
Jun 18 15
Con-way Inc. announced that Gretchen W. McClain and Matthew J. Espe have been appointed to the Con-way Inc. Board of Directors. The appointments were effective June 16, 2015. The addition of Ms. McClain and Mr. Espe, along with the recent election to the Board of Wayne R. Shurts at the company's annual shareholders' meeting last month, brings the size of Con-way's Board of Directors to 13 members. Ms. McClain is the former president, chief executive officer and a member of the Board of Directors of Xylem Inc. Mr. Espe has been chief executive officer, president, principal executive officer and a member of the Board of Directors of Armstrong World Industries Inc.