Smooth ride for Con-Way,
bumpy ride for Emery

More stirrings at CNF with the announcement of Gregory Quesnel's retirement (effective July 6). This followed by three weeks the election of Dr. W. Keith Kennedy as chairman of the CNF board.

CNF has been struggling to produce a winning strategy for its loss-making Emery Worldwide division, which restructured in 2003 to eliminate $20 million of annual costs. Despite these efforts, Emery reported its third consecutive quarter of losses larger than those posted a year earlier. Morgan Stanley says it does not expect Emery to be profitable in 2004. Emery's bright spot is international air freight which has grown in volume and revenues.

Con-Way Transportation continues to be CNF's big producer. It showed a 58% rise in operating income over 2002 and, says Morgan Stanley, appears poised for a record year in 2004.

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March, 2004

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