Roadway shares drag about 23 percent

| 9/4/2002

Roadway Corp. said last week it expects stock prices for the third quarter to fall as much as 23 percent. The company said a slower than expected economic recovery was yielding disappointing tonnage and revenue volumes.

Roadway, whose main business is general hauler Roadway Express, said third-quarter earnings would be 10 to 20 percent ahead of the second quarter's 30 cents a share. The figure is well below the 43 cents a share reported for the same period a year ago.

Roadway, whose biggest customers include wholesalers, retailers and manufacturers, said the volumes weakness was widespread. Business reportedly was strongest in the northeastern and southeastern United States.

The Akron, OH-based company expects third-quarter earnings of 33 to 36 cents a share. Analysts had forecast 47 to 58 cents a share.