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Truckload carrier Knight Transportation said its first-quarter profit rose 5% to $16.6 million or 19 cents a share, from $15.8 million or 18 cents a year ago.

Rail carload freight rose modestly but intermodal traffic continued a downward trend last week, falling 3.6% compared with a year ago, the Association of American Railroads said Thursday.

Con-way Inc.’s first-quarter income fell 29% as the company’s revenue declined, and the transportation firm lowered its 2007 earnings outlook.

IRS officials told trucking executives that motor carriers must account properly for driver per-diem expenses or risk losing the tax-exempt status of the plans.