Forward Air Swings to 1Q Profit

Forward Air Corp. reported a first-quarter profit of $3.4 million, or 12 cents per share, compared with a loss of $3.1 million, or 11 cents, a year ago.

Revenue improved 10.8% to $107 million for the quarter, the company said late Wednesday.

The company said it “will begin experiencing the benefit of a general rate increase on the linehaul portion of [its] airport-to-airport network” beginning May 1.

Including that increase, Forward Air said it anticipates second-quarter revenue will increase by 13% to 18% over last year’s second quarter and that it expects its per-share income to be 20 to 24 cents per share.

Forward Air, a contractor to the air cargo industry, is ranked No. 54 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.