Con-way Inc. today announced that 2008 full-year earnings from continuing operations are expected to be between $2.60 and $2.80 per diluted share. Previously, Con-way expected 2008 full-year diluted earnings per share from continuing operations to be between $3.00 and $3.40.
The revised full-year earnings guidance is based on an assumed number of diluted shares outstanding of 48.2 million and an expected tax rate of 39.4%.
Commenting on the updated earnings guidance, Douglas W. Stotlar, president and chief executive officer of Con-way Inc. said, The economy has been battered by an unprecedented confluence of macroeconomic crises, curtailing demand for freight transportation services. Over the past several weeks we have seen volumes decline further, exacerbated by September's weather events, all of which continue to pressure yields. To date, the traditional peak seasonal uptick in demand has been muted so we expect the challenging business environment to continue through the 2008 fourth quarter.
Stotlar added that from an operations perspective, productivity and service performance measurements remain at high levels. Our people continue to deliver an extraordinary effort and be recognized for a superior service product, he noted. We have excellent franchises in freight and logistics, and the foundation is in place for sustainable long-term growth.
Con-way Inc. plans to release financial results for the 2008 third quarter, ended September 30, on Wednesday, October 22 after the close of the stock market. Con-way will host a conference call for the investment community the following morning, Thursday, October 23 at 11 a.m. Eastern Daylight Time (8 a.m. PDT). The call can be accessed by dialing (866) 264-3634 or (706) 643-3632 (for international callers) and is expected to last approximately one hour.Callers are requested to dial in at least five minutes before the start of the call. The call will also be available through a live internet webcast at www.con-way.com, in the investor relations section.