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Con-way had a rough second quarter as operating profit dropped 31.2 percent and revenue fell 0.6 percent amid weak a LTL pricing environment in the second quarter despite hauling more freight per day.
The results were posted two days after the company announced its purchase of Contract Freighters Inc., a private truckload carrier that company officials assert will help balance its trucking and logistics operations during downturns in the freight economy.
Operating income of $70.3 million compared with $102.3 million earned in the quarter a year ago, and included an $8 million pre-tax charge for litigation of a vehicular casualty claim, the company said. …