CNF Reports 16% Drop in 2nd-Quarter Profit

CNF Inc., owner of the largest U.S. regional trucking company, said second-quarter profit fell 16% because of a wider loss at its air freight business.

Net income declined to $18.4 million, or 31 cents a share, from $21.9 million, or 37 cents, in the same period last year, the Palo Alto-based company said. Sales rose 4.3% to $1.24 billion.

CNF shares were unchanged at $27.52 on the NYSE.