Tuesday, March 10, 2009

Con-way CEO: Could be near bottom in Freight Volumes

by Calculated Risk on 3/10/2009 03:34:00 PM

From Dow Jones: Con-way CEO Sees Evidence Of Bottoming In Volume Slide

Con-way Inc. Chief Executive Doug Stotlar voiced some optimism Tuesday that a persistent slide in freight volumes could be stemming, citing a seasonal uptick so far in March.

"We hope that we're at the bottom," Stotlar said, speaking at a Raymond James conference in Orlando, Fla.
But Stotlar, whose comments were broadcast over the Internet, added that he can't quantify the March increase yet nor say for certain that it signifies a bottom.

Tonnage at Con-way's main unit, its less-than-truckload freight business, was off about 13% in January and about 12% last month. Stotlar said the company is getting a seasonal lift so far in March - indicating the trend may have bottomed - although "we're at a much lower level than we were prior to the economic downturn."
The trucking survey should be available soon.