Con-Way Falls 5% After Hours (CNW)

Con-Way, Inc. CNW on Wednesday after the market closed released financial results that missed Wall Street earnings expectations, while beating revenue estimates. Con-Way, Inc reported that its 2nd quarter net income fell to $13.9 million, or 26 cents per share, down from $31.5 million, or 64 cents per share, a year earlier. Revenue climbed 23.7% to $1.31 billion. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 30 cents per share, on revenue of $1.26 billion. President and CEO Douglas W. Stotlar said, "The second quarter saw Con-way Freight's business levels surge to record volumes, resulting in higher variable operating costs. The quarter's results also reflect the effect of wage increases implemented in January this year and resumption of accruals in April for paid time off benefits." Con-Way, Inc. (CNW) ended the Wednesday trading session up 2.33% at $33.37 per share, then fell 5.15% to $31.65 during after hours trading. Analysts covering the company's stock have a consensus price target of $39.17 per share. Read more from Benzinga's Company news.