graphic
News > Companies
Truckers deliver 1Q results
April 19, 1999: 1:32 p.m. ET

CNF 1Q much better than expected; Consolidated barely beats estimates
graphic
graphic graphic
graphic
NEW YORK (CNNfn) - Two trucking firms that once were a single entity beat Wall Street's expectations Monday, but one had a smoother ride than the other.
     CNF Transportation Inc. (CNF) and its former subsidiary Consolidated Freightways Corp. both beat first-quarter earnings expectations as compiled by First Call.
     CNF reported first-quarter net income of $40.3 million, or 74 cents per diluted share, up from $16.9 million, or 33 cents, in the year- ago period.
     Net income includes a non-recurring gain of 16 cents per diluted share from settlement of a lawsuit.
     Excluding the settlement, earnings per diluted share were 58 cents, beating First Call's figure by 7 cents. CNF was up 3-3/8 at 43-3/8 in early afternoon trading.
    
Consolidated Freightways

     Consolidated Freightways (CFWY), which was spun off from CNF in late 1996, reported first quarter earnings of 30 cents per diluted share, beating First Call's forecast of 28 cents.
     Net income for the quarter slipped to $6.8 million from $7 million, or 29 cents, a year ago.
     W. Roger Curry, CNF's president and chief executive officer, said the company met several unexpected obstacles, including weather related costs.
     Curry also said there were delays in the transition of information technology services between CNF and another vendor that led to unexpected costs.
     He said the transition should be cleared up early in the second quarter. Curry also said the company lost ground after "business combination discussions" in the fourth quarter. CNF stock was up 1-9/16 at 12 in early afternoon trading. Back to top

  RELATED STORIES

Trucking on a roll - April 15, 1999

J.B. Hunt nets earnings - April 14, 1999

  RELATED SITES

CNF Transportation

Consolidated Freightways Corp.


Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney




graphic


Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.