UPDATE 2-Con-way cautious after earnings miss; shares fall

* Q3 EPS $0.39 ex-items vs. Wall St. EPS view $0.52

* Q3 revenue down to $1.13 bln from $1.37 bln

* Expects economy-related hurdles to hurt earnings growth

* Shares down 2.2 percent after-hours

(Recasts first paragraph; adds CEO comment, more details)

SEATTLE, Nov 3 (Reuters) - U.S. trucking and logistics company Con-way Inc (CNW.N) said it expects "formidable" economic conditions to affect earnings growth in the near term, and its shares fell 2.2 percent in after-hours trading.

The company's tepid outlook came as it also posted a lower- than-expected quarterly profit on Tuesday, hurt by weak demand and pricing pressure.

The San Mateo, California-based company posted a net profit of $13.5 million, or 27 cents per share, compared with a net profit of $38.8 million, or 81 cents per share, a year earlier.

Excluding certain items, its profit of 39 cents per share fell below analysts' average expectation for 52 cents per share, according to Thomson Reuters I/B/E/S.

Total revenue fell to $1.13 billion from $1.37 billion a year ago.

The effective tax rate of the quarter was 46.1 percent, compared with 36.5 percent a year ago, Con-way said.

"Overall, the business environment continues to present formidable challenges, characterized by weak demand, excess capacity and pricing pressure," Con-Way Chief Executive Douglas Stotlar said in the statement.

The company expects such conditions to persist in the near term, reducing its prospects for earnings growth, he said.

Con-way's results came on the same day that billionaire investor Warren Buffett's Berkshire Hathaway Inc (BRKa.N) (BRKb.N) said it would pay $26 billion to buy out U.S. railroad Burlington Northern Santa Fe Corp (BNI.N). [ID:nN03483590]

Con-way shares, which closed at $32.62 on the New York Stock Exchange, were down to $31.89 after touching $31.51 earlier in after-hours trading. (Reporting by Aarthi Sivaraman; editing by Phil Berlowitz and Andre Grenon)