Forward Air’s 1Q Income More than Doubles

Forward Air Corp.’s first-quarter net income rose to $7.9 million, or 27 cents a share, from $3.4 million, or 12 cents, a year ago.

Revenue rose 12.3% to $120.2 million, the carrier said late Wednesday.

The company had forecast its first-quarter earnings would be 20 to 24 cents per share, and that revenue would rise 9% to 13%.

Airport-to-airport revenue rose to $82.1 million, from $70.9 million, while logistics unit revenue improved to $16.5 million, from $13.9 million.

Forward Air, a contractor to the air cargo industry, is ranked No. 52 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.