Con-way Inc. said its fourth-quarter net profit is likely to be about the same as that of 2012 as expenses increased in its less-than-truckload and logistics units.
In addition, bad weather late in December hurt operations at its truckload and LTL units, Con-way said in a Jan. 16 statement in which it predicted 21 cents per share in profit.
"The month of December presented unique challenges, especially at Con-way Freight and Menlo Worldwide Logistics," CEO Douglas Stotlar said in the statement. "This distinct set of issues during the month had a disproportionate impact on the fourth quarter. We do not expect the majority of these issues to impact our operating results going forward."
In the LTL Freight unit, employee benefit and cargo claim expenses both unexpectedly increased, Con-way said. Menlo saw increased expenses in some of its warehouse accounts, as well as unexpected losses in some major accounts.
