Forward Air Posts Record Q3 Income, Revenue

Forward Air A Forward Air truck. (John Sommers II for Transport Topics)

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Forward Air Corp. reported record third-quarter net income, earnings per share and revenue from selecting, handling and pricing higher quality freight.

Net income for the quarter ended Sept. 30 rose to $52.1 million, or $1.93 per diluted share, compared with $30.5 million, $1.12, a year earlier.

Revenue rose to $510 million compared with $419.6 million in the 2021 period — surpassing the Zacks Consensus Estimate by 2.29%.



Revenue from expedited freight increased to $395.6 million compared with $341.5 million a year earlier.

Revenue from intermodal operations was $114.4 million compared with $78.1 million in the 2021 period.

 

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Free cash flow soared 162.6% to $77.9 million compared with $29.6 million.

“Our collaboration with customers on selecting, handling and pricing higher quality freight led to our strong third quarter financial performance with our less-than-truckload line of business reporting continued improvement in revenue per shipment and revenue per hundredweight over the same period last year,” Tom Schmitt, chairman and CEO, said in a release.

Regarding the company’s fourth-quarter continuing operations guidance, “We expect our year-over-year revenue growth will be 7% to 11% and net income per diluted share to be between $1.98 to $2.02, compared to reported and adjusted net income per diluted share of $1.40 in the fourth quarter of 2021,” said Chief Financial Officer Rebecca Garbrick.

Forward Air ranks No. 27 on the Transport Topics Top 100 list of the largest for-hire carriers in North America and No. 1 on the air/expedited sector list.

The Greeneville, Tenn.-based ground transportation and logistics services provider noted it is an asset-light provider of transportation services across the United States and Canada, including expedited LTL services, final-mile services, and intermodal, first-and last-mile, high-value drayage services.

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