Con-way Inc. has announced first-quarter 2015 net income of $21.8 million, or 37 cents per diluted share. In the first quarter of 2014, Con-way reported net income of $12.9 million, or 22 cents per diluted share. On a non-GAAP basis, earnings per diluted share were 39 cents in the first quarter of 2015, compared to 20 cents in the same period of the prior year.  Non-GAAP items, consisting of pension income/expense and tax-related adjustments, are detailed in the attached reconciliation. Operating income for the first quarter of 2015 was $51.9 million, a 57.1 percent increase from the $33.1 million earned in the same period a year ago. Revenue of $1.37 billion for the 2015 first quarter increased slightly from last year's first quarter. Con-way's effective tax rate for the 2015 first quarter was 40.1 percent, compared to 32.9 percent in the same period of the prior year. Both tax rates include the effect of discrete and other tax adjustments (presented in the attached reconciliation). During the first quarter of 2015, Con-way repurchased 370,000 shares of common stock under the company's $150 million stock repurchase plan.  As of March 31, the company had repurchased a total of 725,000 common shares under this plan. Segment results for Con-way's principal operations were as follows: Freight For the first quarter of 2015, Con-way Freight reported: Revenue of $855.6 million, a 0.9 percent increase from $848.0 million in the first quarter of the prior year. The year-over-year revenue benefit of higher base rates was largely offset by lower fuel surcharges, and to a lesser extent, lower tonnage. Operating income of $37.4 million, more than double the $18.6 million in the previous-year first quarter. The higher operating income was attributable to increased pricing and lower operating expense. Operating income in the quarter improved despite higher driver wages and benefits from the previously-announced driver pay increases. These increased payroll costs exceeded the benefit derived from lower weather-related expenses compared to the 2014 first quarter. Revenue per hundredweight, or yield, increased 3.6 percent compared to the prior-year first quarter. Excluding fuel surcharge, yield rose 8.6 percent. Tonnage per day decreased 1.4 percent compared to last year's first quarter. Operating ratio of 95.6 compared to 97.8 in the first quarter of the prior year. "Con-way Freight delivered substantially improved results this quarter, reflecting sustained progress with our revenue management initiatives," said Douglas W. Stotlar, Con-way's president and CEO. "While daily tonnage declined slightly compared to last year's first quarter, we were able to increase yield. Going forward, we remain focused on initiatives to drive long-term profitable growth." Logistics For the first quarter of 2015, Menlo Logistics reported: Revenue of $417.1 million, a 2.6 percent increase from $406.4 million in the first quarter of the prior year. The increase was attributable to growth in revenue for both warehouse management and transportation management services. Net revenue of $190.2 million, a 4.2 percent increase from $182.5 million in the first quarter of the prior year. Warehouse management services contributed the majority of the net revenue increase. Operating income of $8.6 million, a 39.6 percent increase from $6.2 million in the first quarter of the prior year. Strong cost controls coupled with improved pricing were largely responsible for the increased operating income. "Menlo turned in a solid quarter with across-the-board increases in revenues, net revenues and operating income," said Stotlar. "Our emphasis remains on securing profitable new business and continuing to improve operating performance with existing accounts." Truckload For the first quarter of 2015, Con-way Truckload reported: Revenue of $138.7 million, an 11.1 percent decrease from $156.0 million in last year's first quarter. The revenue decline was primarily due to lower fuel surcharge revenue. Excluding fuel surcharge, revenue also was adversely affected by lower fleet utilization due to fewer seated tractors, which reduced total loaded miles, partially offset by higher revenue per loaded mile. Operating income of $7.6 million, an 18.5 percent increase from $6.4 million in the first quarter of the prior year. The higher operating income was mostly attributable to lower expenses and improved pricing. Empty miles were 10.1 percent, compared to 10.0 percent in the first quarter of the prior year. Operating ratio, exclusive of fuel surcharges, of 93.6 compared to 94.7 in the first quarter of the prior year. "The tight driver market is limiting our ability to fully seat our fleet. However, we were encouraged with early results from innovative, new recruiting efforts to bring more drivers into our company – and incent them to stay," commented Stotlar. "At the same time, we improved our profit performance, which benefited from lower fuel and other operating costs."