Forward Air’s 3Q Income Declines

Forward Air Corp. said late Wednesday its third-quarter profit fell to $3.8 million, or 13 cents per share, from $12.1 million, or 42 cents, a year ago.

Revenue fell 15.1% to $103.1 million, the company said in a statement.

“It came as no surprise that our results continued to be negatively impacted in the third quarter as a result of the global economic recession,” said Bruce Campbell, Forward Air’s chairman and chief executive officer.

“The pricing environment, which began to deteriorate late in the first quarter, has remained extremely challenging but has shown signs of stabilization,” he said in a statement. In some “key areas” the company has “cause for some guarded optimism.”

Forward Air, a contractor to the air cargo industry, is ranked No. 54 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.