Forward Air Reverses Second-Quarter Net Loss in 2016, Posts Nearly $20 Million in Profits
Forward Air Corp. recovered strongly after a $10 million loss one year ago, posting a profit of $19.6 million or 64 cents per share for the three-month period ending June 30.
The Greeneville, Tenn., company beat the Bloomberg News forecast of $18.4 million or 57 cents.
Revenue grew 12% to $267.5 million with stronger year-over-year results in expedited less-than-truckload, truckload, pool distribution and intermodal logistics. Operating income — after deducting expenses from revenue — improved in truckload and pool distribution, which lost money one year ago, but less-than-truckload results fell 7.7% to $23 million.
“During the second quarter, we executed on our growth strategies and increased revenue in every business unit,” Chairman and CEO Bruce Campbell said in a statement. “Our Expedited LTL and Truckload Premium Services groups drove strong volume growth but faced a challenging driver recruitment environment as the truckload market tightened towards the end of the quarter.
“Our Intermodal group closed the Atlantic acquisition and is on track with its integration. Pool Distribution had another great quarter driven by new business wins and solid cost controls.”
Forward Air ranks No. 37 on the Transport Topics list of the top 100 for-hire carriers in North America.
