Forward Air Stock Price, News & Analysis

Forward Air Corporation (NASDAQ: FWRD) reported significant growth in its Expedited Freight Operating Statistics for November 2021. Revenue per shipment rose by 60.5%, while revenue per hundredweight increased by 14.4%. The weight per shipment surged by 37.0%, and pounds per day grew by 5.5% compared to November 2020. CEO Tom Schmitt highlighted that the company experienced a 10.8% increase in total pounds from October, driven by strong demand and collaboration with customers for higher-quality freight.

Forward Air Corporation (NASDAQ: FWRD) announced a general rate increase (GRI) of 7.9% effective February 1, 2022. This decision aims to offset rising operational costs due to a challenging environment. The increase will also impact select accessorial and minimum charges. Forward Air intends to use additional revenue generated from the GRI to continue investing in service enhancements, fleet maintenance, and technology innovations to better serve its customers.

Forward Air Corporation (NASDAQ: FWRD) announced a $10,000 donation to Hope For The Warriors in honor of Veterans Day. The funds, sourced from online store sales and a company match, will support veteran rehabilitation efforts, focusing on adaptive driving equipment. Tom Schmitt, the CEO, emphasized Forward's commitment to military personnel. Hope For The Warriors has aided over 36,000 veterans and families since 2006. This initiative aligns with Forward's Operation Forward Freedom, aimed at providing life-changing support for veterans transitioning to civilian life.

Forward Air Corporation (NASDAQ: FWRD) reported a strong mid-quarter update for October 2021, highlighting a 16% year-over-year increase in pounds per day and a 33% rise in weight per shipment. Revenue metrics also saw significant growth, with a 11% boost in revenue per hundredweight and a remarkable 52% increase in revenue per shipment. CEO Tom Schmitt expressed optimism for the fourth quarter, noting a strong demand for their services and improved freight quality in their network, suggesting a promising outlook for the company's performance.

Forward Air Corporation (NASDAQ: FWRD) has announced the acquisition of BarOle Trucking, Inc. and TKI Intermodal, LLC, aimed at enhancing its intermodal transportation capabilities.

The deals will add approximately $25 million in revenue and quadruple its driver fleet in the Minneapolis market.

These acquisitions are part of Forward’s growth strategy, allowing for efficiency improvements and expansion of service footprints in Minnesota.

BarOle's acquisition is expected to close in December 2021, while TKI's acquisition has already been completed.

Forward Air Corporation (NASDAQ:FWRD) reported record financial results for the third quarter of 2021, achieving the highest monthly net income ever in September. The company reported quarterly income from operations of $42.5 million, with a net income per diluted share of $1.12, exceeding guidance. Revenue increased by 26%, reaching $419.6 million. For the fourth quarter, guidance predicts a revenue growth of 23% to 27% and a net income per diluted share between $1.25 and $1.29. Looking ahead, the full year 2021 targets revenue of $1.6 billion to $1.7 billion and net income per diluted share of $4.08 to $4.12.

Forward Air Corporation has been recognized as one of the 2021 Top Companies for Women to Work For in Transportation by the Women In Trucking Association. This honor highlights Forward's commitment to fostering a gender-diverse workplace, providing growth opportunities, and maintaining a supportive corporate culture. The award acknowledges organizations that promote women's achievements in the trucking industry. CEO Tom Schmitt emphasized the importance of tapping into the full talent pool, showcasing the company's dedication to improving the work environment for women.

Forward Air Corporation (NASDAQ:FWRD) will announce its third quarter 2021 earnings on October 27, 2021, after market close, followed by a conference call on October 28, 2021, at 9:00 a.m. EDT. Interested parties can access the call via the Investor Relations section of Forward Air's website or by phone.

Forward Air specializes in asset-light freight and logistics, providing a variety of services, including expedited LTL, final mile, and truckload brokerage across the U.S. and Canada.

Forward Air Corporation (NASDAQ:FWRD) reported its highest quarterly revenue and operating income in history for Q2 2021. Operating revenue reached $420.7 million, a 49.3% increase year-over-year, with net income per diluted share of $1.11, exceeding guidance. The company anticipates a record Q3, projecting revenue growth of 28% to 32%. Operational challenges included a decline in cash provided by operating activities by 21.8% and a decrease in free cash flow by 1.6%. A dividend of $0.21 per share was declared, payable on September 9, 2021, with a total expected annual dividend of $0.84.