Forward Air’s 4Q Income Declines
Forward Air Corp. said its fourth-quarter net income dipped from a year ago, and the carrier authorized a 2 million-share buyback.
Net income slipped to $15.6 million, or 45 cents a share, from $16 million, or 54 cents, a year ago, Foward Air said Feb. 10. Revenue jumped 33.2% to $36.9 million, while operating income slipped to $23.2 million from $24 million.
Full-year earnings rose to $54.5 million, or $1.77 per share, from $52.7 million, or $1.78, in 2012. Revenue rose 11.7% to $652.5 million.
“Without a doubt, the fourth quarter of 2013 proved to be more challenging than we anticipated,” Chairman and CEO Bruce Campbell said.
“Like all transports, we have continuously fought weather-related issues,” he said in a statement. “From the middle of November up until this past week, weather has been an issue in one or more of our operating regions.”
Forward Air also said its board approved a stock repurchase authorization for up to 2 million shares of its common stock, and canceled its 2007 share repurchase authorization.
The amount and timing of any repurchases will be at prices determined by the company, which said it has about 30.5 million shares outstanding.
Forward Air ranks No. 45 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.
