wsj_1035.xml
WSJ891026-0021
WSJ891026-0021
=
891026
=
891026
891026-0021
.
891026-0021
.
Business
Brief
--
Consolidated
Freightways
Inc.
:
@
Third-Quarter
Net
Fell
77
%
@
On
Emery
's
Expected
Loss
Business
Brief
--
Consolidated
Freightways
Inc.
:
@
Third-Quarter
Net
Fell
77
%
@
On
Emery
's
Expected
Loss
10/26/89
10/26/89
10/26/89
WALL
STREET
JOURNAL
(
J
)
WALL
STREET
JOURNAL
(
J
)
CNF
CNF
EARNINGS
(
ERN
)
TRANSPORTATION
,
TRUCK
AND
SHIP
LINES
,
RAILROADS
(
TRA
)
EARNINGS
(
ERN
)
TRANSPORTATION
,
TRUCK
AND
SHIP
LINES
,
RAILROADS
(
TRA
)
Consolidated
Freightways
Inc.
reported
a
77
%
drop
in
third-quarter
net
income
,
citing
expected
losses
in
its
Emery
Worldwide
shipping
business
.
The
Menlo
Park
,
Calif.
,
company
said
net
was
$
7.4
million
,
or
22
cents
a
share
,
down
from
$
32.3
million
,
or
86
cents
a
share
,
a
year
ago
.
Revenue
totaled
$
1.01
billion
,
a
43
%
increase
from
$
704.4
million
,
reflecting
the
company
's
acquisition
of
Emery
earlier
this
year
.
Profit
also
suffered
because
of
``
intense
''
discounting
in
its
long-haul
trucking
business
,
the
company
said
.
Analysts
had
expected
Consolidated
to
post
a
slim
profit
,
and
the
company
's
stock
was
down
only
25
cents
to
$
30.25
in
New
York
Stock
Exchange
composite
trading
yesterday
.
``
They
have
to
continue
to
tighten
their
belts
,
''
said
Craig
Kloner
,
an
analyst
at
Goldman
,
Sachs
&
Co
.