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PRESS RELEASE

October 29, 2014: Con-way Inc. today reported 2014 third-quarter net income of $45.6 million, or 78 cents per diluted share. The results compare to third-quarter 2013 net income of $30.6 million, or 53 cents per diluted share.

On a non-GAAP basis, earnings per diluted share were 80 cents in the 2014 third quarter compared to 58 cents in last year's third quarter. (Non-GAAP items, consisting of tax-related adjustments, are detailed in the attached reconciliation.)

Operating income in the third quarter was $91.4 million, a 35.0 percent increase from the $67.7 million earned in the third quarter a year ago. Revenue for the 2014 third quarter was $1.50 billion compared to $1.40 billion in the previous-year period.

Con-way's third-quarter effective tax rate was 41.1 percent, compared to 42.8 percent for the same period in 2013. Both the third-quarter 2014 and 2013 rates included the effect of discrete and other tax adjustments (presented in the attached reconciliation).

Segment results in the third quarter for Con-way's principal operations were as follows:

FREIGHT

For the third quarter of 2014, Con-way Freight reported:

Revenue of $946.3 million, a 5.2 percent increase from last year's third-quarter revenue of $899.3 million. Revenue in the quarter benefited from improved yield.
Operating income of $71.9 million, a 39.4 percent increase from the $51.6 million earned in the year-ago period. The higher operating income was attributable to increased pricing and an improved composition of freight in the network.

Revenue per hundredweight, or yield, increased 5.3 percent from the previous-year third quarter. Yield excluding fuel surcharge also was up 5.3 percent.
Total tonnage was up 0.2 percent while tonnage per day declined 0.6 percent compared to the 2013 third quarter.

Operating ratio of 92.4 in the 2014 third quarter improved from 94.3 in the previous-year period.

"Our LTL company benefited from a solid rate environment supported by firm demand in the quarter," said Douglas W. Stotlar, Con-way's president and CEO. "Our financial performance reflected the ongoing progress of our revenue management and network optimization initiatives as we continued to strategically adjust our business mix to improve yield and create operating leverage."

LOGISTICS

For the third quarter of 2014, Menlo Logistics reported:

Revenue of $443.9 million, up 16.7 percent from the prior-year third-quarter revenue of $380.5 million. The higher revenue was primarily attributable to growth in transportation-management services, and to a lesser extent, increased warehouse management revenues.

Net revenue of $187.9 million, an 8.7 percent increase from $172.8 million in the previous-year third quarter. Growth in warehouse management services contributed the majority of the increased net revenues, with a smaller proportion attributable to growth in transportation management services.

Operating income of $7.6 million, a 7.0 percent decline from last year's third quarter operating income of $8.2 million. The current period was adversely affected by increased variable compensation expense and lower margins from warehouse management services, partially offset by improved margins from transportation management services.

"Menlo grew its revenue and net revenue as new projects won in previous quarters became operational, and current customers expanded Menlo's scope of work," Stotlar noted. "Despite the year-over-year decline in operating income, sequential improvements continued in 2014. This was primarily due to increased operating efficiencies at a few large warehousing accounts, as well as contract renegotiations which increased margins on a number of transportation management accounts."

TRUCKLOAD

For the third quarter of 2014, Con-way Truckload reported:

Revenue of $159.2 million, a 1.8 percent decrease compared to last year's third-quarter revenue of $162.2 million. The decline in revenue reflected the effect of lower total loaded miles partially offset by higher revenue per mile.

Operating income of $10.7 million, a 19.2 percent increase from the $9.0 million earned in last year's third quarter. The higher operating income was mostly attributable to improved operating productivity per seated tractor and increased yield.

Empty miles of 9.6 percent, compared to 9.3 percent in the previous-year third quarter.

Operating ratio exclusive of fuel surcharges of 91.5, compared to 92.9 in the third quarter of 2013.

"Con-way Truckload delivered solid profit improvement in the third quarter, supported by pricing gains and increased operating productivity," Stotlar said. "Network capacity continued to be adversely impacted by the challenging market for drivers. Our recently implemented enhancements to driver pay have helped stabilize the driver turnover rate. However, the number of unseated trucks remains elevated, which hampers our ability to fully meet the capacity needs of our customers."

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