Morningstar Rating

Stock Research and Analysis

by Matthew Young, CFA

Bulls Say

Con-way's yields have improved in recent years thanks to disciplined pricing in contract renewals and a more balanced mix of freight flowing through the network.
Favorable pricing in both LTL and full-truckload shipping is likely to persist, given tightening industry capacity and rational rate-setting among most carriers.
Con-way's full-truckload unit can leverage the LTL segment's broad network infrastructure (including fueling stations and maintenance shops), an unusual advantage for a truckload carrier. Read more 

Bears Say

Con-way's core LTL division competes with industry heavyweights FedEx and UPS. Both competitors have substantially increased their presence in LTL shipping during the past decade.
Con-way's trucking operations are capital-intensive, and its vast network of LTL service centers creates a sizable fixed-cost base that amplifies cyclicality.
The intensifying truck driver shortage is placing upward pressure on wages and recruiting costs. Read more 


Con-way's senior management team enjoys solid career experience in the trucking industry, and we think management has made progress in terms of optimizing the company's operating efficiency and profitability. Chief executive Doug Stotlar has been at   Read more 


Con-way is one of the largest less-than-truckload carriers in the United States, with roughly 300 service centers and 9,500 tractors in its LTL segment, Con-way Freight.  Read more 

Friday Five: 2016 Looks More Likely for Rate Hike 
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