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Con-way Lowers 2008 Forecast; Plans to Cut 1,450 Jobs
Con-way Inc. late Monday lowered its 2008 earnings forecast and said it plans to cut 1,450 jobs, or 8% of its workforce, as its freight volumes decline.
The company, which has primarily less-than-truckload and some truckload operations, lowered its estimate of full-year earnings from continuing operations to between $2.20 and $2.35 per share, from a previous forecast of $2.60 to $2.80.
“With these business conditions we have no choice but to rationalize our cost structure, realign staffing for current volumes and properly position Con-way Freight,” John Labrie, president of the division, said in a statement.
Con-way is ranked No. 6 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.