Forward Air’s 4Q Income Drops

Forward Air Corp. said Tuesday its fourth-quarter earnings fell 33% to $8.3 million, or 29 cents a share, from $12.4 million, or 43 cents, a year ago.

Revenue rose 8% to $123.5 million, the company said in a statement.

Forward Air in January had lowered its per-share forecast to 27 to 29 cents a share, from 40 to 44 cents, citing “severely worsening economic conditions.”

For the full year, net income was $42.5 million, or $1.47 per share, down from $44.9 million, or $1.50, for 2007. Revenue rose 21% to $474.4 million.

Forward Air, a contractor to the air cargo industry, is ranked No. 65 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.