| 0 |
WSJ891026-0021
= 891026
891026-0021.
Business Brief -- Consolidated Freightways Inc.:
@ Third-Quarter Net Fell 77%
@ On Emery's Expected Loss
10/26/89t24
WALL STREET JOURNAL (J)
CNF
EARNINGS (ERN)
TRANSPORTATION, TRUCK AND SHIP LINES, RAILROADS (TRA)
| 1 |
Consolidated Freightways Inc.
reportede1
a
77%
drope28
in
third-quartert25
net income,
citinge2
expectede30
lossese29
in its
Emery Worldwide
shipping business.
| 2 |
The
Menlo Park
,
Calif.
, company
saide5
net was
$7.4e36
million
, or
22 cents
a share, down from
$32.3e37
million
, or
86 cents
a share,
a year agot26
.
| 3 |
Revenue
totalede6
$1.01 billion
, a
43%
increasee7
from
$704.4 million
,
reflectinge8
the company's
acquisitione9
of
Emery
earlier this yeart27
.
| 4 |
Profit also
sufferede10
because of "intense"
discountinge11
in its long-haul trucking business, the company
saide14
.
| 5 |
Analysts had
expectede15
Consolidated
to
poste17
a slim profit, and the company's stock was
downe35
only
25 cents to $30.25
in
New York Stock Exchange
composite trading
yesterdayt36
.
| 6 |
"They have to
continuee20
to
tightene22
their belts,"
saide23
Craig Kloner
, an analyst at
Goldman, Sachs amp Co.
| | | | | | |