Forward Air Stock Price, News & Analysis

Forward Air Corporation (NASDAQ:FWRD) reported record financial results for Q3 2022, achieving all-time highs in revenue, net income, and income per diluted share. Revenue rose 22% year-over-year to $510 million, and net income per share reached $1.93, exceeding guidance. The company anticipates strong fourth-quarter results, projecting revenue growth of 7% to 11% and net income per diluted share between $1.98 and $2.02. Cash provided by operating activities surged by nearly 95% to $84 million.

Forward Air Corporation (NASDAQ:FWRD) will announce its Q3 2022 earnings on October 26, 2022, after market close. A conference call will follow on October 27, 2022, at 9:00 a.m. EDT, accessible via the Investor Relations website or by dialing in directly. Forward Air provides asset-light transportation services across the US and Canada, specializing in expedited less-than-truckload services, warehousing, and customs brokerage. Investors are encouraged to monitor the Investor Relations section of the website for updates.

Forward Air Corporation (NASDAQ: FWRD) announced key operating statistics for the quarter-to-date through August 2022.

Revenue per shipment surged by 16.0%, while weight per shipment dropped 3.2%. Shipments per day increased by 6.5%, reflecting operational improvements.

CEO Tom Schmitt noted a strategic shift towards higher quality freight, with a remarkable 19.8% rise in revenue per hundredweight. Their ongoing pricing initiatives are designed to align with customer needs for better profitability.

Forward Air Corporation (NASDAQ: FWRD) is enhancing its growth strategy through organic infrastructure investments and acquisitions. The company announced the appointment of Nancee Ronning as Chief Commercial Officer, effective at the end of September. Ronning, a seasoned executive with experience at GE Capital and BNSF Logistics, will focus on commercial strategy and driving organic growth. Chairman Tom Schmitt expressed enthusiasm over her joining, emphasizing a commitment to accelerate profitable growth.

Forward Air Corporation (NASDAQ:FWRD) achieved record quarterly results, reporting a 23% increase in revenue to $515.2 million, surpassing guidance. Net income per diluted share reached $2.04, exceeding projections. The company's strategic focus on premium freight contributed to a 14.5% increase in weight per shipment and 39.8% rise in revenue per shipment. For Q3 2022, revenue growth is forecasted at 20%-24%, with net income per diluted share projected between $1.88 and $1.92. The company continues to return value to shareholders, with approximately $376 million returned through dividends and buybacks over five years.

Forward Air Corporation (NASDAQ:FWRD) will report its second quarter 2022 earnings on July 27, 2022, post-market. A conference call to discuss these results is scheduled for July 28, 2022, at 9:00 a.m. EDT. Investors can access the call via the Company's Investor Relations website or by calling (844) 867-6163, Access Code: 4227639. The call will also be available for replay shortly after its completion. This announcement highlights Forward Air's commitment to transparency and investor communication.

Forward Air Corporation (NASDAQ: FWRD) has been recognized as the top Air/Expedited Carrier by Transport Topics for the fourth consecutive year. The annual rankings assess companies based on revenue across various transportation sectors. Additionally, Forward ranked 9^th among intermodal/drayage providers and 27^th overall on the Top 100 For-Hire Carriers list. The company is focused on a growth strategy that includes both organic infrastructure investments and acquisitions of complementary businesses, bolstering its position in the logistics market.

Forward Air Corporation (NASDAQ: FWRD) reported a strong performance for the quarter-to-date period through May 2022. The company saw a 40.7% increase in revenue per shipment and a 15.4% increase in weight per shipment compared to the previous year. Additionally, daily shipments increased by 0.4%. CEO Tom Schmitt emphasized the focus on higher-quality freight in their network, expressing confidence that net income per diluted share will exceed guidance of $1.59 to $1.63.

Forward Air Corporation (NASDAQ: FWRD) has announced its acquisition of Edgmon Trucking, LLC, an intermodal drayage provider, for approximately $22 million in annual revenue. This strategic purchase aims to enhance Forward's intermodal capabilities and represents the company's first West Coast operation. Funded through cash reserves, the acquisition is set to close in May 2022. CEO Tom Schmitt highlighted this move as vital for meeting customer demand and expanding the company's network across intermodal and LTL sectors.