Forward Air’s 2Q Income Dips
Forward Air Corp. said its second-quarter income dipped from a year ago, but its revenue improved.
Net income declined to $13.8 million, or 45 cents a share, from $14.2 million, or 48 cents, a year ago. Revenue rose 7.8% to $159.8 million.
Forward Air had projected second-quarter earnings of 51 cents to 55 cents a share.
Chairman and CEO Bruce Campbell attributed the decline to an “overall tepid macroeconomic environment [and] the loss of a large customer which created a tough prior-year comparison.”
The company projected its third-quarter revenue will increase by 10% to 15% from a year ago, with earnings of between 43 and 48 cents per share, compared with last year’s 41 cents per share.
Forward Air, a contractor to the air cargo industry, is ranked No. 46 on the Transport Topics Top 100 listing of U.S. and Canadian for-hire carriers.
