Forward Air Lowers 3Q Outlook

Forward Air Corp. said its third-quarter earnings will be lower than the company originally estimated, as tonnage volumes became “inconsistent” in August following a strong start to the period.

The company said its earnings will be 39 to 41 cents per share, compared with an originally forecast 47 and 51 cents.

“After a surprisingly strong start to the quarter, our airport-to-airport daily tonnage volumes became inconsistent in August . . . and turned negative in the past week,” Chairman and CEO Bruce Campbell said.

“The macroeconomic weakness experienced and cited by many in our industry is the primary reason for volumes being lighter than expected,” he said in a statement.

The notice follows similar statements by truckload carriers Werner Enterprises and Swift Transportation Co. that their third-quarter earnings will be lower than previously projected.

Forward Air, a contractor to the air cargo industry, is ranked No. 46 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.