Business & Investment

Forward Air Reports Q2 Set Highest Quarterly Revenue Mark

[Stay on top of transportation news: Get TTNews in your inbox.]

Forward Air Corp. reported on July 29 that it set a record for revenue and operating income in the second quarter.

The Greenville, Tennessee-based land transportation and logistics services company posted a net profit of $ 30.7 million, or $ 1.11 per diluted share, over the three months to June 30. Year. Total operating revenue increased 49.3% from $ 281.7 million to $ 420.7 million.

Operating income increased 118.4% from $ 29.7 million in the year-ago quarter to $ 64.8 million.

“Business momentum continued in the fourth quarter, with June’s net profit peaking,” Forward Schmidt, CEO of ForwardAir, said in a statement. “Focusing on two rock star segments, priority freight and intermodal, and sound revenue management, increased revenue in the second quarter and exceeded the guidance scope limit.”

According to Zacks Consensus Estimate, this result exceeded Wall Street investment analysts’ expectations of 93 cents per share and $ 390.9 million in quarterly earnings.

“It’s very encouraging that the second quarter is better than the second quarter of 2019 before the pandemic,” Schmidt said. “Currently, consolidated operating margins are improving. Even bigger — our operating revenues have increased by almost 40% year-on-year. In addition, to revive your event business in late 2021 and 2022. It is working.”

Schmidt expects third-quarter sales to significantly exceed those of the same period in 2020. We expect to record third-quarter sales and diluted net earnings per share, despite the impact of investment in strengthening investments and the typical slowdown in quarterly sales volume.

“In the second quarter, we achieved the highest revenue and operating profit in the quarter in the history of the company,” Schmitt said. “Thanks to all my teammates for their efforts in achieving this important milestone.”

In the Accelerated Freight segment, operating revenue in the second quarter increased 49.3% from $ 235.7 million in the year-ago quarter to $ 351.7 million. Operating profit increased 195.1% from $ 11.8 million last year to $ 34.7 million. This segment includes network, truck loading, and final mile operations.

Network revenues increased 56.6% to $ 210.1 million during the quarter, up from $ 134.2 million in the year-ago quarter. Truck loading business revenue increased 36.1% from $ 41.9 million in the year-ago quarter to $ 57 million. Final mileage operations increased 30.8% from $ 53.4 million to $ 69.9 million.

Intermodal segment reports that operating revenues for the quarter increased 48.9% from $ 46.4 in the year-ago quarter to $ 69.1 million. Operating income for this segment increased 90% from $ 4.41 million to $ 8.39 million.

Forward air rank No. 33 NS Top 100 List of Transport Topics Largest Employment Careers No. 1 in North America Aviation / priority sector list..

Want more news? Listen to today’s daily briefing below Or for more information, please click here.

Forward Air Reports Q2 Set Highest Quarterly Revenue Mark Forward Air Reports Q2 Set Highest Quarterly Revenue Mark

Back to top button