Forward Air Corp. said its first-quarter net income dipped to $10.2 million, or 33 cents a share, from $10.9 million, or 36 cents, a year ago.
Operating revenue increased 21.2% to $171.6 million, and operating income increased to $16.3 million from $15.8 million in the same quarter last year, Forward Air said April 10.
“In spite of the higher operating costs that resulted from the unprecedented winter weather we experienced most of the first quarter, we performed relatively well,” Chairman and CEO Bruce Campbell said.
“With winter now behind us, we feel very positive about how we have positioned each of our operating segments for the balance of the year,” he said in a statement.
The company projected its second-quarter revenue will increase by 22% to 27% from a year ago, with earnings of between 53 and 57 cents per share, compared with last year’s 45 cents per share.
“Our core airport-to-airport business has continued to see good volume growth and, with the impact of our March general rate increase, our improved yield should be a positive contributor going forward,” Campbell said.
Forward Air ranks No. 45 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.