July 31, 2012 / 8:45 PM / 5 years ago

UPDATE 1-Con-way Q2 profit rise less than expected

* Q2 adjusted EPS 66 cents vs 69 cents Wall Street view

* Net EPS 74 cents vs 52 cents year earlier

* Revenue up 7.2 pct to $1.45 bln, in line with views

July 31 (Reuters) - U.S. trucking and logistics company Con-way Inc reported higher quarterly profit on cost controls and price increases to shippers, but slightly missed Wall Street estimates.

The company said on Tuesday net income rose to $41.8 million, or 74 cents a share, in the second quarter, from $29.4 million, or 52 cents a share, a year earlier.

Excluding items, profit was 66 cents a share, up from 50 cents a share a year ago, but below the average forecast of 69 cents according to Thomson Reuters I/B/E/S.

Revenue for the Ann Arbor, Michigan-based company rose 7.2 percent to $1.45 billion, in line with the consensus estimate.

Con-way Freight, the company’s less-than-truckload unit that accounts for about 60 percent of its revenue, had a 4.6 percent revenue increase.

In less-than-truckload (LTL) shipping, the company picks up loads, sorts them and makes various deliveries. This differs from truckload, in which one driver picks up a load and stays with it through to its final destination.

The logistics business, which accounts for about 30 percent of revenue, had a 13.7 percent revenue increase on new business, higher freight brokerage volume and gains from warehousing and transportation management, Con-way said in a statement.

Revenue rose 4.8 percent in the truckload segment, helped by higher pricing.

Con-way’s shares, which have jumped more than 20 percent so far this year, closed down 0.6 percent at $35.62 on the New York Stock Exchange and are up 22 percent so far this year.

Con-way is holding a conference call with analysts on Wednesday before the market opens.

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